With that said, things are slowly but surely returning to normal. With the proliferation of streaming services, and an increasing number of films receiving the straight-to-streaming treatment, theaters simply aren’t enjoying the crowds of days past. The pandemic slowed movie attendance considerably, and to some degree, the silver screen luster still hasn’t completely returned. The movie business is in a far different place than it was when MoviePass first shut its doors. That is all to say, fans of AMC should keep a close eye on MoviePass as it launches its beta to see if AMC can continue its comeback story, or if the industry is spread a bit too thin. The company enjoyed similar gains in its adjusted earnings, and even managed to generate positive operating cash. In its second quarter earnings call earlier this month, the company reported strong movie attendance figures, up 168% from the same quarter last year. Largely on the back of summer box-office hits like Top Gun: Maverick, AMC has also been on a pretty hot winning streak lately. Indeed, the Stubs A-list allows users to watch three movies per week for $20 a month, a deal that may be difficult for MoviePass to beat without taking on undo strain. While the new movie subscription service doesn’t seem like it will be nearly as generous as its prior iteration, it’s a direct rival to AMC’s Stubs program. making for some steep competition for the likes of legacy theater companies, like AMC. MoviePass reportedly has partnerships with roughly a quarter of all theaters in the U.S. Beta participants will also receive 10 friend invites. These will give subscribers a varying number of credits to use each month to see movies, added to a MoviePass Master Card. Selected users from the beta will be given three price tiers to choose from, at $10, $20, or $30 per month. Unlike its first go-around, this time MoviePass won’t offer any unlimited viewing options. This may leave room for theaters like AMC to continue their current momentum.ĪMC Stock Slumps on MoviePass Anticipation Now, there are some key differences from the upcoming service and its predecessors. The first round of beta participants will be notified on Sept. Interested users can sign up for the waitlist for free, with just an email address and zip code. Starting this Thursday, the new MoviePass waitlist will open for five days, on a first-come, first-serve basis. 5 in the form of a new beta, with a host of viewing options for eager moviegoers. Since then it’s been mostly radio silence from MoviePass… until now. In September 2019, MoviePass shut down its service, and in January 2020, MoviePass’ parent company, Helios and Matheson (OTCMKTS: HMNY), filed for bankruptcy. Unfortunately, its success with subscribers hardly eased its margin pressure. After a year, the company had accumulated more than 3 million active subscribers. Within two days of its launch, the business shot up to 100,000 subscribers. Looking at theater prices today, it’s easy to see how unsustainable the business model was. For some time, it offered subscribers unlimited theater attendance for a fixed monthly or yearly cost. Fans of AMC Entertainment (NYSE: AMC) stock may want to take notice.įounded in 2011, MoviePass was a subscription service that offered customers the chance to watch one movie a day in theaters for just $9.99 a month. MoviePass is set to make its triumphant return this Labor Day.
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