But with Netflix co-founder Mitch Lowe behind the subscription-based ticketing firm, it prompted me to rethink the concept.
And guess what, by late December 2017 MoviePass had already signed up more than a million subscribers.
Here’s how it works.
For just $ 9.95 a month your MoviePass loaded membership/Mastercard allows you to attend any movie theater near you. But just one movie per day, please.
And you can opt out of the program monthly.
So technically if you were to attend 365 showings a year at $ 9.95 per month your total annual cost would be only $ 119.40.
Not bad, huh?
Wouldn’t MoviePass lose a bundle of money on the concept since they reimburse the theaters at their full face ticket value on which they then pay film rental to the studios?
However just like anything else, the original urge by subscribers to go see EVERYTHING fades after a while. And before you know it, it’s down to just one movie a week—or even less.
So probably at best the business model of the company is to break even—but that’s just my guess.
So how will MoviePass make money?
By selling—or better sharing—valuable customer data with movie studios and distributors who then could target subscribers with direct and specific marketing tools for their films. MoviePass allegedly has already a number of studios signed up.
What’s more the concept could also be extended to other entertainment-related businesses like the local theaters you attend most frequently. Or maybe include nearby restaurants for, say, a dinner and a movie special.
The bottom line: 91% of the nation’s theaters are participating and/or are accepting the MoviePass program and frankly I haven’t found one locally that isn’t.
It should be noted that there are a few exceptions to the program!
MoviePass CANNOT be used for admission to 3-D screenings or at so-called ‘Premium Large Screen’ auditoriums or IMAX showings.
For complete information on this nationwide cut-rate program or to sign up simply go to moviepass.com.
Was I initially skeptical about MoviePass?
Sure, just like many movie exhibitors were.
That said, for movie fans it’s like a gift from a celluloid god because you’ve got nothing to lose and everything to SAVE!