MoviePass lowers terms to 3 movies/month

|About: Helios and Matheson Analy... (HMNY)|By:, SA News Editor

MoviePass plans to limit customers to three movies a month in a reset of prior terms, according to The Wall Street Journal.

The company notes that about 85% of its customers already watch no more than three movies a month.

CEO Mitch Lowe tells the WSJ the move will help reduce cash burn by 60% and help make the attempted run at profitability more manageable.

Shares of parent Helios and Matheson Analytics (NASDAQ:HMNY) are swapping hands at $0.06 in premarket trading.

Sector watch: The U.S. box office is up 8.2% Y/Y through August 5, according to the latest tabulation by Box Office Mojo.

Related stocks: AMC, CNK, IMAX, MCS, RDI, IPIC

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