- MoviePass announces that it surpassed over 400K paying monthly subscribers in the past 30 days.
- The $9.95 movie subscription service had ~20K subscribers on August 14.
- MoviePass projects that it will acquire at least 2.5M additional paying subscribers during the next twelve months and sees retaining at least 2.1M subscribers at the end of that period.
- Reaction to the MoviePass introduction has been mixed in the exhibitor sector, although at least analysts sees a net benefit.
- "I think it’s positive for the industry," notes B. Riley's Eric Wold on the development.
- For the moment, MoviePass is paying full cost to exhibitors for the movie tickets.
- "Though expensive for the company in the short-term, it’s a significant benefit and more convenient for customers. With MoviePass, there’s no movie ticket prices to think about -- going to the movies will become an everyday experience rather than an occasional treat," says MoviePass CEO Mitch Lowe.
- Related stocks: CNK, RGC, AMC, IMAX, MCS, CKEC, NFLX.
- Source: Press Release
- Now read: Netflix Is Facing Risks, As Insider Actions Show
Original article