MoviePass, the company that has, over the last year, provided moviegoers with an amazing deal at the theaters, is now getting involved with actually financing films. The company made the announcement at The Sundance Film Festival during a presentation.
Mitch Lowe, CEO of MoviePass said:
“We’ve experienced enormous success bringing people back into the theaters since our launch in August and with an influx of business from distributors, have proven the impact of our marketing over and over again, giving them an incremental lift in ticket sales. Given the successes we have demonstrated for our distributor partners in ensuring strong box office in the theatrical window, it’s only natural for us to double down and want to play alongside them – and share in the upside.”
Over the last year, MoviePass has made its presence known in the world of cinema, specifically at the box-office, much to the dismay of theater companies, who feel MoviePass may severely hurt their profits. This new venture by the young company will help to bring audiences more films says Ted Farnsworth, CEO of Helios and Matheson Analytics Inc (parent company to MoviePass).
“We aren’t here at Sundance to compete with distributors, but rather to put skin in the game alongside them and to bring great films to the big screen across the country for our subscribers. We’re open for business. We’re here at Sundance – and SXSW is next.”
While MoviePass’s monthly club is still not well liked within the theater chain community, this new venture will likely be less frowned upon, as it seems the company simply wants to help in bringing more content to their already existing customer base.
Offering an incredible deal, MoviePass is now down to just about $10 per month, and for that you can see a movie a day in theaters (that is a hard deal to beat — PS, this is not a paid ad).
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