MoviePass Pulling The Plug On Annual Subscriptions

It's no secret that MoviePass hasn't had the best of years. While the struggling start-up tries to [...]

It's no secret that MoviePass hasn't had the best of years. While the struggling start-up tries to find it's footing, the company announced this week that they would be pulling the plug on their annual subscription plan.

Sending out an e-mail to subscribers of the annual plan, MoviePass announced that those members would be transferred to a monthly plan.

"We want to thank you for being a loyal member of our annual MoviePass plan," the email said. "Your commitment to MoviePass has contributed to making our vision for an accessible and affordable moviegoing experience a reality. After experimenting with different models and options, we believe that our current monthly plan captures the need of our community — keeping prices low while continually striving to offer a wider selection of films."

Members on the annual plan were allowed to see one movie a day and hadn't been affected by the company's recent implementation of new policies that scaled back the monthly plan.

"This new offering is part of the transition to our new subscription model," MoviePass said Friday. "We're excited to offer subscribers the option of going to three movies a month for $9.95 and providing up to a $5.00 discount for additional movie tickets. We are grateful to our MoviePass community and have offered a number of our annual subscribers the option for a refund if the new plan doesn't align with their viewing preferences."

"With this transition, we intend to offer more film options so subscribers can continue exploring a wide variety of movies. We believe that our new plan is a positive change in the right direction and that it captures the needs and desires of most of our MoviePass community in our journey for an accessible and quality movie experience."

It might be a wise move for the fledgling company as they've yet to gain solid footing through any of their offerings to date. In fact, Variety is reporting that MoviePass lost $127 million in the second quarter of the company's fiscal year.