MoviePass has announced that its members have seen more than one million on its new platform. The company also achieved its first profitable year ever. According to MoviePass, the average MoviePass member saved 35% on the cost of going to movies since the company relaunched in beta during Q1 2023.
The MoviePass Cinematic Marketplace is an aggregator for the industry that uses AI and machine learning engines to improve attendance and performance. The proprietary credit system helps drive exploration of titles looking to compete against movies with much larger budgets. Based on internal member testing, MoviePass found that on average, there is a 40 percent shift to theater location offering the same movie for fewer credits. Members increase midweek attendance by 50 percent and go to an average of 2.4 different theater locations while using their MoviePass subscription.
In November 2023, the company unveiled several new platform updates including online ticketing, virtual membership cards in the app, the ability to buy additional credits on top of existing subscription plans, and will soon roll out the option to see premium large format films, including IMAX. MoviePass offers over 3,500 locations across America, covering all 50 states, with a reach of over 97 percent of the market.
“Reaching this pivotal milestone highlights the powerful impact of our AI and machine learning enhancements from the previous business model, while continuing to drive value for members and boosting attendance for partners profitably. But we could not have done it without the support of our MoviePass community,” said Stacy Spikes, MoviePass co-founder and chief executive officer.
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