It took Netflix 39 months to accumulate 1 million monthly subscribers and it has only taken monthly movie ticket service MoviePass four months to clear that mark. The majority-owned subsidiary of Helios and Matheson Analytics Inc announced this morning that they hit the 1M milestone. The news comes after MoviePass temporarily lowered their monthly subscription price from $9.95 and $8.
In the above photo, MoviePass CEO Mitch Lowe and Ted Farnsworth, CEO of Helios and Matheson Analytics celebrate outside AMC Empire 25 in New York City, the exhibitor who tried to sue MoviePass. Of course the work-around here in regards to how MoviePass works with theaters is that they mail their subscribers a debit Master Card which gets funded with a movie ticket purchase after their subscribers purchase a ticket through the MoviePass mobile app.
“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 in a statement. “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.”
How is MoviePass surviving, shelling out for the second biggest opening of all-time Star Wars: The Last Jedi at $220M? “We’re funded properly to pay for that,” Lowe told Deadline last month about the Last Jedi rush and the holiday box office period.
MoviePass released some of their B.O. shares of recent November titles such as Coco, Lady Bird and Justice League. MoviePass cited that they accounted for $1.7M of the $93.8M opening B.O. of Warner Bros. Justice League. That’s a figure that the major studio cannot vouch for on their side because they cannot specifically see how many MoviePass tickets are being sold at the box office; they can only see actual dollars.
MoviePass dropped the following graph showing how they’ve outstripped other entertainment services on their way to reach to the 1M mark:
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