Controversial movie theater subscription service MoviePass on Wednesday announced it now has more than one million paying subscribers.
Since introducing its $9.95 per month price point in August, MoviePass has increased its subscriber base by more than 6,500 percent. The company reached the one million subscriber mark in just four months which is faster than other major subscription offerings like Netflix, Hulu and Spotify (Spotify did it in just five months).
MoviePass CEO Mitch Lowe said they believe growth will continue as they further develop their application, improve customer service, enhance exhibitor relations and fill movie theater seats.
Ted Farnsworth, Chairman and CEO of HMNY (the company that owns MoviePass), said they know this is what it will take for people to enjoy the experience of movies again and they’re thrilled that movie-goers are embracing a new and exciting era for cinema.
MoviePass in November launched an even cheaper option. The company's annual subscription plan sold for $89.95 which worked out to $6.95 per month over 12 months (plus a $6.55 processing fee). That’s significantly cheaper than the standard $9.95 per month rate and even less than the average movie ticket price of $8.93. That offer, which required full payment up front, was only “valid until it’s not” and it appears that it is no longer available.