Can a $10-a-Month Movie Ticket Package Save the Movie Theater Industry?
Best of Cheddar • 10m
MoviePass is a company that offers customers nearly unlimited movie tickets for just $10 a month. The subscription service, led by Netflix co-founder Mitch Lowe, is trying to get people off their couches and back into movie theaters. Just this week, Helios and Matheson analytics announced it's taking a majority share in the company. MoviePass CEO Mitch Lowe stopped by with Ted Farnsworth, the CEO and Chairman of Helios and Matheson, to tell us about the deal.
Lowe says that 75% of their subscribers are millennials, and that the low price leads them to go see films they wouldn't normally watch, just because it's less expensive. That way, more documentaries and foreign films get bigger audiences.
As for what theaters get out of the program, Lowe says MoviePass pays them the full ticket price, and the theater collects all the concession revenue. "Customers spend 123% more on concessions with this," he adds.
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