MoviePass Launches New One Year Movie Theater Subscription Plan for $6.95 Per Month

04:05 11/18/2017

Helios and Matheson Analytics Inc. HMNY  and MoviePass, the fastest growing movie theater subscription service in which HMNY  has agreed to purchase a majority stake, announced that MoviePass is offering a one year subscription plan for a flat fee of $89.95 (including a $6.55 processing fee). Existing MoviePass customers will receive 25% savings from their current $9.95 per month plan if they subscribe to the new one year MoviePass subscription plan.

The one year subscription plan will be available only for a limited time, giving movie-lovers an opportunity to attend the movies they want at an even lower price for an entire year.

MovePass introduced its service for $9.95 per month in August 2017 following a asignificant investment from HMNY . New and existing subscribers of MoviePass who take advantage of the new one year subscription plan will be billed $89.95 for the year in advance at the time they subscribe to the plan.

“This limited time offer is great for movie-lovers. At $6.95 per month, it’s hard to compare it to anything else that provides as much entertainment for a full year,” said Mitch Lowe, CEO of MoviePass. “We are entering the prime movie going season, so now is the perfect time to take advantage of the MoviePass™ movement,” continued Mr. Lowe.

“HMNY continues to be the biggest supporter of MoviePass™, as it outpaces any other movie theater subscription service and continues to disrupt the movie theater industry,” said Ted Farnsworth, Chairman and CEO of HMNY. "We look forward to helping MoviePass™ continue to broaden its reach and modernize the movie theater industry.”

HMNY  has a vision to bring significant innovation to the movie theater industry and drive increased attendance to movie theaters and lower-budget films with MoviePass.

The service is now accepted at more than 91% of theaters across the United States.

Just last month, HMNY  announced that MoviePass Inc had surpassed over 600,000 paying monthly subscribers as of October 18, 2017, up from approximately 20,000 as of August 14, 2017, the day before MoviePass announced its then new $9.95 per month subscription price.

The continued growth trajectory exceeded MoviePass’ initial projections, and now MoviePass projects that it will acquire at least 3.1 million additional paying subscribers through August 18, 2018, exceeding its previous estimate of 2.5 million subscribers.

HMNY  also announced that MoviePass had a subscriber churn rate of 4.2% for month 1 and 2.4% for month 2 after announcing its new $9.95 per month subscription price. Based on current churn rates, monthly subscriber retention is above 96% and average paying monthly subscriber life expectancy is 46.8 months.

"Month after month we aim to improve our service with faster card delivery, improved application updates, and an easier-to-use web site. We believe our strategy is paying off in terms of increased satisfaction, reduced churn, and faster growth," said Mitch Lowe, CEO of MoviePass. "I believe our ongoing investments in customer experience, usability and convenience have steadily improved customer satisfaction and retention."

HMNY  plans to further integrate its data analytics capabilities with the MoviePass service to analyze moviegoer’s behaviors and preferences, with the goal of helping the film industry better understand what audiences want.

With HMNY’s capabilities, HMNY  believes that MoviePass can bridge an intelligence gap for the movie theater industry so the entire film ecosystem can better serve audiences in areas ranging from production to advertising.

“When you apply computer science and machine learning to an industry that we believe has lacked significant innovation, useful patterns start to emerge,” said Ted Farnsworth, Chairman and CEO of HMNY. “More subscribers mean more data. Together, I believe HMNY and MoviePass can offer important analytics to movie studios and exhibitors while serving the interests of moviegoers in the process.”

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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