MoviePass is aiming to disrupt the theatergoing model the same way that Uber has done to the cab industry and Netflix has done to cable TV, and it's gaining some real momentum. The theatergoing subscription service has made serious waves over the past year or so with its drastic price cut to the alluring $9.95 a month and the subsequent growth that has come from it. Now, it seems this growth is going to continue accelerating. Less than a month ago, we reported on how MoviePass had hit the coveted milestone of 1 million subscribers, up from only 20,000 prior to the rate decrease. Now, since December 12th, the service has already added another 500,000 subscribers, bringing the total to 1.5 million paid subscribers.
This is a huge deal for MoviePass and is indicative of serious growth potential. Last year, MoviePass was looking to add another 3.1 million subscribers by August of 2018, on top of the 600,000 it had amassed so far. This latest figure seems to indicate that the service is well on its way to achieving that goal. With 500,000 new subscribers added since December 12th that means that a lot of people must have given subscriptions as Christmas gifts to the film fans in their families.
It is clear that the low price point has struck a cord with moviegoers and more and more people are signing up. MoviePass's CEO believes that people really do want to go to the movies more often but they are just looking for a better way to do it. The low price point is certainly enticing and has the potential to bring more people back to the theater. But as MoviePass continues to grow it will face many challenges. Some theaters like AMC are trying to fight it, while others like Cinemark are trying to beat MoviePass at its own game. The MoviePass business model relies on people skipping the movies for a month or only seeing one movie per month in order to turn a profit. So, it will be interesting to see if subscribers use the service to its full potential and break out of their cinematic comfort zones to see more movies in different genres. It's hard to tell how long MoviePass will be sustainable at this price point. However, for now it is obvious that MoviePass is onto something, as long as the company can keep up with demand.
MoviePass isn't the only game in town, either. There are alternatives to the service that each do something a little different. Competition is good for the consumer and each of MoviePass's competitors caters to a slightly different moviegoer. With this huge growth being a bit of a proof of concept I wouldn't be surprised if more challengers to throne enter the fray before long. The box office may have been down last year but with these new services, MoviePass in particular, gaining serious traction and public awareness, it will be interesting to see how many more people buy tickets to see movies this year. If you are interested in MoviePass, you can find out more information here. Regardless of how you get your ticket, 2018 has a lot of reasons to visit the theater. For all of 2018's cinematic delights, check out our release schedule.