MoviePass Surpasses One Million Subscribers
NEW YORK–(BUSINESS WIRE)–MoviePass™, the nation’s premier movie theater subscription service and a majority-owned subsidiary of Helios and Matheson Analytics Inc. (Nasdaq: HMNY), announced today it has surpassed one million paying subscribers. MoviePass™ has increased its subscriber base by over 6500% since the introduction of its $9.95 per month pricing model. On August 15, 2017, MoviePass™ shifted to a lower-priced subscription model and has since reached one million subscribers in less time than Spotify, Hulu, and Netflix.
“We are excited and proud to have reached the one millionth subscriber level in such a short time while still early in the consumer adoption curve,” said Mitch Lowe, MoviePass CEO. “Our focus on creating the best movie theater subscription service experience for our subscribers has propelled our growth to date. We believe that growth will continue as we further develop our application, improve customer service, enhance exhibitor relations and fill movie theater seats for incredible films to be released in the future.”
“MoviePass™ has accumulated more than one million new paying subscribers faster than many of the best known paid subscription services,” said Ted Farnsworth, Chairman and CEO of HMNY. “MoviePass™ has proven to be a significant force in the industry accounting for increased movie theater revenue this year. We know this is what it will take for people to enjoy the experience of movies again and we’re thrilled that movie-goers are embracing a new and exciting era for cinema.”
MoviePass™, led by Netflix co-founding senior executive Mitch Lowe, offers subscribers access to one movie per day at most U.S. movie theaters with no blackout days for $9.95 per month.