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MoviePass Tops 3 Million Subscribers

With MoviePass you can pay a flat monthly fee to watch movies at many local theaters. Now MoviePass is reporting that they have topped 3 million subscribers representing more than 5% of all US box office receipts.

“With MoviePass Films and MoviePass Ventures under the Helios umbrella, we are continuously adding more perks and services for our MoviePass subscribers. Consistent growth in MoviePass subscribers means we can utilize our media companies in ways no one has seen before,” said Ted Farnsworth, chairman and CEO of Helios. “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.”

There have been some reports recently that MoviePass may be facing financial issues later this year as their money on hand starts to run low. Many services like MoviePass hope that they can bring in enough subscribers before they run out of money. For now, MoviePass seems confident that they can top 5 million paying subscribers by the end of 2018 according to their press release.

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