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MoviePass helped drive record attendance at Studio Movie Grill cinemas
Movie theater chain Studio Movie Grill said that it's seen record attendance numbers for its cinemas in 2017, and it says that's thanks, in part, to its partnership with movie-theater subscription service MoviePass. Studio Movie Grill said in a news release late Thursday that while the industry sounds the alarm on poor box office performance, its theaters have experienced increases in off-peak attendance and attendance for smaller films. Studio Movie Grill started its strategic partnership with MoviePass in 2016, before the company in August of 2017 slashed the cost of its membership to $10 per month from as much as $50. "Studio Movie Grill was amazed to learn that in some cases, as with Lady Bird, MoviePass generated a double digit percentage of total attendance," said Studio Movie Grill Chief Executive Brian Schultz. The company's Chief Financial Officer Ted Croft said MoviePass's subscription-based model has the potential to be the future of the film exhibition business. Earlier this week, Cinemark Holdings Inc. introduced its own subscription-based movie-going service. Shares of MoviePass owner Helios & Matheson Analytics Inc. have gained close to 152% in the year to date, while the S&P 500 index is up nearly 18% and the Dow Jones Industrial Average is up almost 23%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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