The Moviepass surge has continued into 2018, with the subscription service hitting a new high in total subscribers. It was less than 30 days ago that we reported Moviepass had hit the 1 million subscribers milestone, and in that time the service has added another 500,000 members. MoviePass subscribers can see a movie every day of the month for a low monthly subscription fee of $9.95, you can use the service at movie-theaters all across the country.
“MoviePass is attracting people back to the movie theaters by lowering their cost, which we believe is transformational for the industry,” said Ted Farnsworth, Chairman and Chief Executive Officer of HMNY. “We believe the data MoviePass™ collects from these million and a half movie-goers will become an important asset to our partners and the future of the movie industry,” Mr. Farnsworth continued.
MoviePass, led by Mitch Lowe, its Chief Executive Officer, worked with HMNY to change the MoviePass monthly subscription fee to $9.95 in August 2017 resulting in the service’s recent national attention and success in attracting new paying subscribers.
“Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly,” said Mitch Lowe, Chief Executive Officer of MoviePass™. “We’re giving people a reason to go back to the movie theaters and they’re going in droves. With awards season here, we hope we can make Hollywood and exhibitors very happy by filling seats with eager audiences.”
While a few movie chains spoke out against the subscription-based model, a few of those chains have started offering their own version. It’s likely that they just didn’t like the idea of a third-party company making money off their services, with an idea they were not clever enough to come up with in the first place. We should point out that the theaters do not lose any money with this service, Moviepass buys the ticket at full-price for each of your visits, even though you are only paying $9.95/month. The service makes money pretty much the same way insurance companies do, banking on the idea that most people won’t be seeing anywhere close to a movie-a-day throughout the month. If you love the theater though it’s a perfect fit, and you can be the one that breaks the mold and benefits the most out of the low $9.95 charge to see upwards to 31 movies in a month. Just be sure to eat some healthy snacks, not just nachos and popcorn, during all of those cinema visits.