The once huge MoviePass continues it’s bid for survival after a very rocky 2018. The company sent out a press release today outlining it’s plans moving forward:
Following the previously announced intention to create a vertically integrated film production and exhibition company called MoviePass Entertainment Holdings Inc., MoviePass™ and MoviePass Films announced their new business strategy going forward.
MoviePass™ and MoviePass Films plan to implement a new business model that prioritizes self-generated revenues without dependence on studios or exhibitors, to build more reliable revenue streams.
The future growth of the MoviePass™ group of companies will require us to take advantage of the rapidly evolving media landscape. To maximize our audience reach, we plan to focus on technological innovation and high-quality content production through our three key channels – MoviePass™ (theatrical subscription service); MoviePass Films (original content production company) and Moviefone™ (multimedia media information and advertising service).
Below are the highlights of our strategic vision:
- Our new business model no longer depends on achieving revenues from studios or exhibitors to succeed, but instead will prioritize the economic relationship among our MoviePass™ subscription service, MoviePass Films production business and Moviefone™ multimedia media information and advertising service.
- We believe the MoviePass™ subscription service will enhance box office results of MoviePass Films productions, and that revenues from our MoviePass Films productions will help fuel an expansion of our MoviePass™ subscription service, with the Moviefone™ multimedia media information and advertising service supporting the entire group of MoviePass™ companies.
- By seeking to generate new revenues and profit centers within our own ecosystem, we believe we can accelerate our overall growth in the U.S. market.
- MoviePass™, MoviePass Films, and Moviefone™ plan to work together in a much more interconnected fashion and share resources across each company.
- MoviePass Films will seek to optimize its platform to accelerate content production for theatrical release as well as expand distribution deals for in-home video, and retail, transactional and international sales.
- We believe this new model will enable us to increase our revenue per MoviePass™ subscriber.
- We also believe this new model will significantly enhance our subscriber satisfaction and retention by enabling us to increase inventory on the MoviePass™ subscription service, thereby providing a more consistent subscriber experience for the casual moviegoer.
- We remain committed to offering a wide inventory of movies and enhanced box office results for our industry partners.
“By spending the last several months analyzing the many different aspects of our prior business model, in terms of what worked and what didn’t, I believe we’ve been able to illuminate the path forward. We’ve taken a deep dive to understand our unique ecosystem and I believe we’re now ready to move forward at a rapid pace. I see this as an exciting time for MoviePass and its sister companies, because we’re taking our original vision for subscription, altering it for the better, and proceeding with significant clarity,” said Ted Farnsworth, CEO of MoviePass’ parent company, Helios and Matheson Analytics Inc.
“We have gained a tremendous amount of insight into moviegoers and the industry over this past year and a half. MoviePass™ subscription, MoviePass Films and Moviefone™ now have a winning combination that we believe will drive consumers to our films, and re-energize casual moviegoers to go more often and see great films in local theaters – films that consumers often wait to see much later through streaming services,” Mitch Lowe, CEO of MoviePass.
“We always believed in the MoviePass™ value proposition for filmmakers. Now, after witnessing how MoviePass™ subscribers can positively impact box office results of our own movies, I must say the opportunity of this partnership is bigger than I ever thought it would be,” said Randall Emmet, Co-CEO of MoviePass Films. “At the end of the day, we believe we will be getting people back in movie theater seats, this time to the benefit of our companies and the MoviePass™ community of casual moviegoers. That’s exciting and certainly a game-changer,” concluded Mr. Emmett.Follow us: