MoviePass just killed its signature unlimited movie plan

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The company is describing the new approach as a more sustainable business model, and shareholders showed signs of relief on Monday. Users will be offered a discount of up to $5 on any additional tickets when the new policy takes effect August 15.

MoviePass says the new cap will affect only about 15 percent of subscribers - those who now watch four or more movies a month.

MoviePass announced a new subscription plan allowing subscribers to entertain themselves with a new movie everyday at the cost of just $9.95 a month just around this time previous year.

15, MoviePass subscribers will be allotted three films per month, a significant reduction from the current one movie a day allowance. It is backing away from a plan, announced just last week, to raise the price to $14.99.

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The company will suspend surge pricing, which sometimes added as much as $8 to the cost of an individual ticket.

While the movie service will no longer move forward with the proposed plan of a price hike - keeping the subscription at its monthly rate of $9.95 - the company revealed that subscribers can see a maximum of three movies per month.

Early Monday morning, Moviepass announced that it's killing the unlimited movie plan that saw it rocket to fame and financial ruin. It's not immediately clear whether MoviePass is completely rescinding a recent policy of barring viewings of most major releases during the first two weeks. Its parent company recently had to take out a $5 million emergency loan to pay its payment processors after missed payments resulted in service outages.

MoviePass, a discount service for movie tickets at theaters, is walking back a planned 50 percent price increase following a subscriber backlash.