(MENAFN- GlobeNewsWire - Nasdaq) Profitability Milestone Underscores the Significant Impact that Artificial Intelligence and Machine Learning Enhancements Have had on Managing Its Cinematic Marketplace
NEW YORK, Feb. 13, 2024 (GLOBE NEWSWIRE) -- MoviePass Inc. , the technology platform enhancing the exploration of film and the moviegoing experience, today announced that its members have seen more than one million on its new platform. The company also achieved its first profitable year ever. The average MoviePass member saved 35% on the cost of going to movies since MoviePass relaunched in beta during Q1 2023.
The MoviePass Cinematic Marketplace is an aggregator for the industry that uses AI and machine learning engines to improve attendance and performance. The proprietary credit system helps drive exploration of titles looking to compete against movies with much larger budgets. Based on internal member testing, MoviePass found that on average, there is a 40 percent shift to theater location offering the same movie for fewer credits. Members increase midweek attendance by 50 percent and go to an average of 2.4 different theater locations while using their MoviePass subscription.
"Reaching this pivotal milestone highlights the powerful impact of our AI and machine learning enhancements from the previous business model, while continuing to drive value for members and boosting attendance for partners profitably. But we could not have done it without the support of our MoviePass community," said Stacy Spikes, Co-Founder and CEO.
MoviePass continues to add new features that add value to its members. In November 2023, the company unveiled several new platform updates including online ticketing, virtual membership cards in the app, the ability to buy additional credits on top of existing subscription plans , and coming soon the option to see premium large format films, including IMAX.
MoviePass has the largest theater footprint of any subscription service featuring over 3500 locations across America and covering all 50 states with a reach of over 97 percent of the market.
About MoviePass Inc.
MoviePass is a technology platform enhancing the exploration of film and the moviegoing experience. Started in 2011, MoviePass quickly became the nation's premier movie theater subscription service, providing film enthusiasts with the ability to attend select new movies in theaters across the United States. After leaving the company when MoviePass was acquired in 2017, MoviePass' Co-Founder and CEO Stacy Spikes bought the company's assets out of bankruptcy and re-launched the company in 2022. To learn more, visit moviepass .
LaunchSquad for MoviePass
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