The MoviePass service – which lets users see one movie every day for a single monthly fee – has reached the big 1 million subscriber milestone. MoviePass was founded back in 2011, but it wasn’t until this past summer that it caught the attention of moviegoers en masse. Prior to summer 2017, MoviePass was not a service that was priced for the average person, charging up to $50 per month for the privilege of seeing a different movie every day. Needless to say, that price isn’t exactly economical for most.
This past August though, MoviePass decided to flip the script on the popular perception of its service as a bit of a luxury item, slashing its monthly price to $9.95. Just as before, this now greatly reduced fee entitled subscribers to see a different 2-D movie every single day of the year. Theoretically, a user could go see each and every movie released in a given year that they wanted to see, for what might well be less than the price of one evening ticket at their local theater. Presuming one doesn’t care about specialized formats like IMAX or 3-D – or seeing the same film more than once – that’s obviously quite the deal for anyone who loves movies.
While AMC Theatres quickly expressed their displeasure with MoviePass’ new price, it turned out that there wasn’t much they could do to stop the service from being used at their locations. MoviePass sends its users a prepaid Mastercard that is then loaded with the cost of the ticket, and AMC certainly wasn’t going to no longer accept Mastercard payments. That battle won, Variety now reports that MoviePass’ low-priced facelift has had the desired effect, as the service now boasts over 1 million subscribers nationwide.
For perspective on how big an increase in subscribers that MoviePass has experienced in such a short time, the service only had around 20,000 subscribers under the old pricing model. To go from 20,000 to 1 million in less than 4 months is incredibly impressive by any measure. That said it seems unlikely that this is enough to push MoviePass into profitability, considering just how much more they’re paying out to theaters than subscribers are paying them. Still, it shows that there’s a clear interest in what the company offers.
With how quickly MoviePass reached the 1 million subscriber milestone, one wonders how long it’ll take them to reach 2 million. The company recently introduced an even cheaper yearly plan that works out to $6.95 per month, but must be paid for all at once. Such an offer will surely only help increase the service’s profile. Before long though, it’ll likely be put up or shut up time for MoviePass, as it’ll need to turn a profit eventually.