Helios and Matheson Analytics Inc (NASDAQ:HMNY) shares were on a nice nearly 5% bump today, with investors likely enthusiastic to hear the good news: majority-owned subsidiary MoviePass, a Netflix-like platform staged in a movie theater market universe, just grabbed onto a breakthrough of 2 million plus subscribers.
MoviePass offers subscribers a cost-friendly pass for monthly movie screenings, and HMNY’s majority stake acquisition is growing fast. Consider that just one month prior, the tech player had hit a stride of 1.5 million subscribers.
HMNY Chairman and Chief Executive Officer Ted Farnsworth believes it’s the compelling price tag that is captivating consumer attention, cheering: “MoviePass(tm) is attracting people back to the movie theaters by lowering their cost, which we believe is transformational for the industry.”
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This could bode for a bright road ahead for the company, as Farnsworth continues, “We believe the data MoviePass(tm) collects from these two million movie-goers will become an important asset to our partners and the future of the movie industry”.
Chief Executive Officer Mitch Lowe has led MoviePass in an encouraging direction, having worked with the HMNY team to make the monthly subscription fee a cheaper $9.95 this past August. As a result, the service has caught recent attention nation-wide and is flashing big success in magnetizing new paying subscribers to the table.
From Lowe’s perspective, this is a good thing for the movie theater market: “We’re giving people a reason to go back to the movie theaters and they’re going in droves. With awards season here, we hope we can make Hollywood and exhibitors very happy by filling seats with eager audiences.”
Bottom line, the MoviePass team is confident that this rapid-fire growth rocket has only just begun to fly. “Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly,” contends Lowe.