For just $US10 a month, Lowe’s business will enable its subscribers to view up to one movie a day in each U.S. movie theatre that allows debit card payments.
As MoviePass will give the full price of every ticket sold to movies, the company faces potentially huge losses and has obtained new funding to support the new subscription plan.
The start-up declared Tuesday that it had contracted a bulk stake to big data firm Helios and Matheson Analytics in line to promote a national rollout of its latest low, flat-rate service.
“MoviePass was established to make it accessible for enthusiastic moviegoers and random fans to see movies the way they’re intended to be seen in the theatre,” Lowe said in a statement. “Our vision has forever been to give the movie going activity more affordable and enjoyable for our subscribers. We are transforming the way customers think about going to the shows by making it likely to feel a broader array of films from the modern summer blockbuster to a critically-acclaimed documentary by a subscription model.”
For Helio and Matheson’s CEO Ted Farnsworth, the purpose of its financing MoviePass is to ultimately collect data on observing behaviors from a large base of moviegoers. Farnsworth told News that the startup will be able to target ads and business to its subscribers in a way “no different than Facebook or Google.”
MoviePass was established in 2011 as a $US30 per month membership. Mitch Lowe took over the business in 2016, and its service is currently open for 91% of movie theatres across the country.
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