(Bloomberg) -- MoviePass has changed its terms yet again, making it even tougher for subscribers to see films.
On Thursday, the company said in an email that the number of films would be narrowed to six, though a weblink listed seven movies. That followed an earlier announcement that members would be limited to three films for $9.95 a month, ending an earlier offer that let subscribers see a picture every day.
MoviePass, owned by Helios & Matheson Analytics Inc., is trying to stem the cash drain sparked by the stampede of fans who signed up for the service. Chief Executive Officer Mitch Lowe said Thursday the restaged plan includes studio first-run films and independent releases. Ticket choices may could be restricted further based on the popularity of the movie and available showtimes.
Neither MoviePass nor its parent responded to requests for comment. Helios & Matheson shares fell 36 percent to 3.1 cents in New York.
To contact the reporter on this story: Anousha Sakoui in Los Angeles at asakoui@bloomberg.net
To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum
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