- MoviePass announced it has passed the 3 million paid subscribers mark.
- However, growth for the movie ticket subscription service is slowing.
- It took seven weeks for it to go from 1 million paid subscribers to 2 million. To get to the 3 million mark, it took 18 weeks.
On Wednesday, MoviePass announced it had surpassed 3 million paid subscribers for the service. It’s also projecting that by the end of the year, it will top the 5 million subscriber mark.
But the growth for the movie theatre ticket subscription service has slowed down. It took seven weeks for MoviePass to go from 1 million paid subscribers to 2 million. To get to the 3 million mark, it took 18 weeks.
Here’s a chart that shows that:
However, the company boasts that MoviePass now represents more than 5% of US box office receipts.
The owner of MoviePass, Helios and Matheson Analytics, continues to expanded the MoviePass brand. Following the recent release of its first movie release through its MoviePass Ventures arm, “American Animals,” which it released with The Orchard, it announced the launch of production company MoviePass Films. MoviePass Films acquired the exclusive option to buy Oasis Films, which has produced such titles as “Lone Survivor” and “End of Watch.”
The hope is by getting into the production and distribution of titles, and being able to guarantee a good box-office result, it will generate new revenue for the company.
But Wall Street has wondered whether it has enough time left before its cash runs out.
Helios and Matheson reported a $US150.8 million loss in 2017, mainly due to the acquisition of MoviePass.
Since then, the stock has crashed, plummeting more than 98% from its 52-week high of $US32.90 set in October. Concerns on Wall Street continue as questions mount about the company’s financial stability.
On Wednesday, the stock was trading at under 40 cents per share.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.