February 8, 2018
Helios and Matheson, corporate owner of theatrical ticket subscription service, MoviePass, Feb. 8 announced the service now has more than 2 million subscribers – less than two months after surpassing 1 million subs.
The New York-based $9.95 monthly service enabling subs access to one theatrical screening per day, is on a full-court offensive to gain traction among moviegoers.
In addition to reaching critical mass, MoviePass aims to convince theater operators into entering revenue-sharing agreements, among other business deals, arguing its service is driving cineplex foot traffic.
“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,” MoviePass CEO Mitch Lowe said in a statement. “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.”
With the service obligated to pay major exhibitors full price for any tickets redeemed, Wedbush Securities analyst Michael Pachter contends MoviePass – absent any discounts – has to reach 2 million subs to break even.