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.
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