Mitch Lowe, who was on the founding teams of both Netflix and Redbox, has been named CEO of MoviePass, the technology company founded in 2011 that gives moviegoers unlimited passes to movies for a monthly fee.
Lowe will be in charge of finding a way to grow the company at a time when moviegoing has been down among its core — millennials. Seventy-five percent of MoviePass’ membership are those in the millennial market. According to a recent study by Pew Research Center, millennials have overtaken the baby boomers as the largest generation, with those in the 18-to-34 age range (considered millennials) now numbering 75.4M compared with 74.9M baby boomers.
Lowe had been an adviser to the company for the past two years and recently made an investment, and now has a board seat. He steps into the role previously occupied by Stacy Spikes, who was the company’s founding CEO; Spikes will continue as co-chairman of the board of directors. In addition, Hamet Watt, who was the founding board chair, will continue as co-chair. Spikes and Watt founded MoviePass.
Lowe was part of the founding team at Netflix and the former president and COO of Redbox. While at Netflix, he led the early negotiations with studios and oversaw many of the subscriber acquisition programs, such as the point-of-sale initiative. During his stint at Redbox, he led the team for eight years, growing the company to $1.5B in revenue with over $300M in EBITDA.
“He has the skills and experience to accelerate the growth of the company, and his extensive background in subscription services and disruptive entertainment businesses are key as we forge the next chapter of product innovation for MoviePass,” said Spikes.
MoviePass investors include True Ventures, AOL Ventures, NALA Investments, William Morris Endeavor, Chris Kelly, Mitch Lowe and other private investors.
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