Less than a month post reporting its milestone of one million subscribers, MoviePass™, the country’s leading movie theater subscription service as well as a majority-owned subsidiary unit of Helios and Matheson Analytics Inc (NASDAQ:HMNY) reported that MoviePass™ added additional 500,000 fresh paying subscribers since December 2017. MoviePass™ subscribers can view a movie daily in the month for a low monthly subscription fee.
Ted Farnsworth, the CEO and Chairman of Helios and Matheson reported that MoviePass™ is attracting customers back to the movie theaters by reducing their cost, which they consider is transformational for the market. They consider the data MoviePass™ collects from movie-goers will become a vital asset to their associates and the future of the movie market.
MoviePass™, headed by Mitch Lowe, its CEO, worked with Helios and Matheson to alter the MoviePass™ monthly subscription fee in August 2017 leading in the service’s latest national attention and success in getting new paying subscribers.
The CEO of Helios expressed that depending on the dramatic jump in the count of MoviePass subscribers in a short period of time, they consider MoviePass will remain to grow its subscriber base considerably. They are allowing people a reason to return back to the movie theaters. With awards season here, they anticipate they can make exhibitors and Hollywood extremely happy by filling seats with eager customers.
As it is known, Helios and Matheson is a prime provider of information technology offerings, presenting a range of technology platforms with a major focus on big data, business intelligence, artificial intelligence, social listening, and client centric technology. It has a majority stake in MoviePass Inc., which is the country’s known movie-theater subscription service.
In the last trading session, the stock price of Helios and Matheson jumped more than 3% to close the day at $7.16. The market cap of firm stands at $162.5 million.