June 13, 2018
MoviePass, the movie ticket subscription service, has topped 3 million subscribers according to corporate parent Helios and Matheson Analytics. The service is projected to reach 5 million subs by the end of the year.
MoviePass claims to represent more than 5% of total U.S. box office receipts, with its peak weeks nearing 8% of box office. The percentage increases to 30% when factoring in targeted indie films.
“Consistent growth in subscribers means we can utilize our media companies in ways no one has seen before,” Ted Farnsworth, CEO of HMNY, said in a statement. “With its considerable market share of moviegoers, MoviePass expects to influence its subscribers to engage with our other revenue channels throughout the entire film industry ecosystem.”
HMNY recently acquired Moviefone from Verizon, which has enabled MoviePass to expand its advertising offerings. In addition, subsidiary, MoviePass Ventures, acquired economic interests in American Animalsand John Travolta film, Gotti, and teamed up with MoviePass to drive box office for those films, which HMNY contends will maximize downstream revenue opportunities – including subscription video-on-demand (SVOD), electronic-sell-through (EST), DVD, Blu-ray, 4K) and other forms of distribution.
“MoviePass is moving quickly and decisively on a course to continue innovating the film industry from the ground up and delivering audiences for films and films for audiences,” said CEO Mitch Lowe. “This is the eve of a transformative time in the movie industry. We are witnessing the dawn of a new Golden Age, where audiences, studios, and exhibitors are all connected, from top to bottom — all in the interest of diversifying the movie-going palate and demonstrating the success of smaller, independent titles.”