Declining theater traffic doesn’t scare MoviePass.
CEO Mitch Lowe joined Cheddar to discuss why his company’s subscription-based model can bring more moviegoers to the seats.
“Millions of people who’ve grown up with subscriptions love this whole idea of paying one flat-fee and then being able to go when they want, to see whatever they want,” said Lowe, who is also a co-founder of Netflix.
“People really do want to go to the movies more often, and especially young people. What they’ve really been looking for is better way to do it.”
The rise of Netflix and other video-streaming services has led to a drastic decline in movie theater attendance, with the number of tickets sold expected to hit a 22-year low in 2017. According to a survey by research firm Statista, almost a third of respondents say they go out to see a film less than once a year.
But Lowe hopes MoviePass can get people to go out more frequently.
“The people that our price point is attractive to are the people who only spent $40, $50 last year going to the movies, People who went only four or five times,” he said. “When they joined MoviePass now they’re going ten times a year.”.
MoviePass, majority owned by Helios and Matheson, last week announced it hit 1 million subscribers, only 4 months after cutting its monthly fee to under $10 a month.
For full interview [click here](https://cheddar.com/videos/moviepass-hits-1-million-subscriber-mark).
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
