MoviePass has recently been making a buzz, especially to avid moviegoers. Since the company lowered its subscription fee last August, they gained over a million subscribers. What’s more, the successful company was initially founded by African American entrepreneurs, Stacy Spikes and Hamet Watt.
MoviePass, a subscription service that allows customers to buy one movie ticket a day at over 90% of movie theaters in the United States, has changed the movie-ticketing game. The box office was down in the past years but the service aims to bring back people to the theaters.
Now, it appears that the service has already made an increase in moviehouse attendance even in non-blockbuster films and also brought in the coveted millennial demographic as well those who do not usually go to movies.
In fact, in a span of over 2 months since they drop prices from $50 to $9.95 in August, the service saw the number of their subscribers leap from 20,000 to 600,000. They hit 1 million subscribers in December, just four months since the price drop, faster than Spotify, Hulu, or Netflix. Currently, they have over 2 million subscribers and expect to double it by the end of this year.
“Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly,” MoviePass CEO Mitch Lowe said.
The company, which was initially founded by African American entrepreneurs, Stacy Spikes and Hamet Watt, recently raised an additional $60 million for the expansion of MoviePass. Its majority stake has been sold to Helios and Matheson Analytics Inc. and Mitch Lowe, a Netflix co-founder and former Redbox president, has been leading the company while Spikes remain onboard.
For more details about MoviePass, visit www.MoviePass.com