Moviepass might've nixed its popular $9.99 unlimited movie plan, but competitor Sinemia just extended the idea a lifeline.

The rival subscription service announced Monday its own unlimited movie plan, which would let customers in the U.S., Canada, and Australia watch one 2-D movie a day for $29.99 a month. That price point serves as a "sustainable, reasonable model for seeing movies on an unlimited basis" said Sinemia in a press release. The news comes a little over a month after Moviepass dropped its unlimited movie plan to just three movies per month to stop hemorrhaging money.

Sinemia, founded in Turkey by CEO Rifat Oguz in 2014, has a range of tiered plans starting at $4.99 per month and offers upgrade options for IMAX and 3-D movies, as well as family plans for up to six people. "While most of our plans are focused on the modern moviegoer who sees one, two, or three movies each month, we want to serve every type of movie lover, and that includes frequent moviegoers looking for an unlimited tickets option," said Oguz in the statement.

As for Moviepass--whose CEO, Mitch Lowe, also co-founded Netflix--the news hasn't been good since it ditched its unlimited option. 

Shares of its parent company, Helios and Matheson Analytics, plummeted to 2 cents on Monday, down from a high of nearly $39 in October 2017. The company said it would seek a reverse share split of 1-for-500 in an attempt to stay listed in NASDAQ. Competitor Sinemia's new unlimited plan could be the final nail in its coffin.

Published on: Sep 18, 2018