MoviePass announced today that it has exceeded three million paying subscribers since announcing its low-cost subscription plans last August. The company says MoviePass’ rapid growth is within its projections that estimate the service will exceed five million paying subscribers by the end of 2018.
MoviePass claims to currently represent more than five percent of total U.S. box office receipts, with its peak weeks nearing eight percent of box office. When actively advertising select films to its subscribers, box office receipts have seen weeks push to more than thirty percent of box office receipts, the company says.
MoviePass is a wholly owned subsidiary of Helios and Matheson Analytics.
“With MoviePass Films and MoviePass Ventures under the Helios umbrella, we are continuously adding more perks and services for our MoviePass subscribers,” said Ted Farnsworth, chairman and CEO of Helios. “Consistent growth in MoviePass subscribers means we can utilize our media companies in ways no one has seen before. With its considerable market share of moviegoers, MoviePass expects to influence its subscribers to engage with our other revenue channels throughout the entire film industry ecosystem.”
“MoviePass is moving quickly and decisively on a course to continue innovating the film industry from the ground up and delivering audiences for films and films for audiences,” said MoviePass CEO Mitch Lowe. “This is the eve of a transformative time in the movie industry. We are witnessing the dawn of a new Golden Age, where audiences, studios, and exhibitors are all connected, from top to bottom — all in the interest of diversifying the movie-going palate and demonstrating the success of smaller, independent titles.”
Helios and Matheson Analytics www.hmny.com