MoviePass has officially announced that it has accumulated 1 million subscribers. To put things into perspective, it took Netflix 39 months to accomplish this feat that MoviePass crossed in four months.
Some might think that this comparison comes across as slightly fishy, given that MoviePass has been around for more than four months. After all, it was only four months ago that the $9.99 plan was introduced, and their numbers started to pick up, so making that comparison isn’t quite the same, right?
Well, sort of. When MoviePass slashed its prices, it had only garnered 20,000 subscribers, so going from 20,000 to 1 million is an almost-comparable feat. Should this trajectory continue, we don’t think it’ll take long for them to hit 1,020,000 subscribers. So yeah, it’s an impressive number.
“We are excited and proud to have reached the one millionth subscriber level in such a short time while still early in the consumer adoption curve,” said Mitch Lowe, MoviePass CEO in a statement. “Our focus on creating the best movie theater subscription service experience for our subscribers has propelled our growth to date. We believe that growth will continue as we further develop our application, improve customer service, enhance exhibitor relations and fill movie theater seats for incredible films to be released in the future.”
This is huge. MoviePass was a pretty ballsy experiment. Essentially, the company buys tickets at market value from theaters and then passes it onto the consumers who are paying a monthly fee. The studio gets the cash, theaters get more customers buying popcorn, and audiences get cheap tickets. Everyone wins.
Of course, not everyone is happy with this, and some theaters like Cinemark has expressed their discontentment with the company, and have gone on to launch their own services. It’s also very possible that this model isn’t sustainable, given that it operates in the red, but seeing as MoviePass would be able to sell its data about the consumers’ moviegoing habits (like what demos see what movie), it’s very possible that MoviePass can sustain itself pretty well, especially if it keeps up this trajectory.
Do you plan on getting MoviePass? Let us know your thoughts down below!
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