MoviePass, the movie theater subscription service operator, announced Wednesday (Dec. 20) that it has surpassed the 1 million mark in terms of paying subscribers.
MoviePass, which is a majority-owned subsidiary of Helios and Matheson Analytics, said in a press release that their subscriber base has increased by more than 6500 percent since they rolled out their $9.95-per-month pricing model on Aug. 15. For that reduced price, subscribers get access to unlimited movies in theaters each month.
“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.”
In November, aiming to lure even more customers to its subscription service, MoviePass offered a limited-time, one-year subscription plan that amounts to $7.50 per month, or a flat fee of $89.95 for the year. According to a news report in Deadline at the time, the monthly price tag for the new offer is less than the average cost of a movie ticket, which stood at $8.93 as of the third quarter, citing the National Association of Theatre Owners.
If MoviePass customers opt to subscribe to the new one-year subscription plan, they will get a 25 percent savings from their current plan, in which they pay $9.95 each month.
“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.”