MoviePass told Gizmodo that it is looking launch a family plan for its service within a month.
The company is currently burning cash at a rate of around $20 million per month to fund its subscription service for individual users.
MoviePass told Gizmodo that it is projecting to exceed five million paying subscribers by the end of 2018.
MoviePass told Gizmodo that it's looking to launch a family plan for its service within the next month.
The company currently offers a $9.95-a-month subscription service that allows individual users to see one movie per day in theaters each month (with several caveats), and it's burning cash at a rapid rate to fund it.
10 highest-grossing movies of 2017
10 highest-grossing movies of 2017
10. “Justice League” — $635.9 million
For all the bashing the movie took from critics and the fans, this latest DC Comics movie was able to crack the top 10 (let’s check in a couple of weeks to see if “The Last Jedi” ruins the party). It’s the worst performer of any of the DC releases to date, but on the bright side, it likely won’t lose $100 million for Warner Bros.
9. “It” — $697.5 million
Domestic: $327.4 million
WB couldn’t be more happy with how this adaptation of Stephen King’s book, made on a $35 million budget, performed at the box office. And it was a hit internationally, where horrors usually don’t do as strong.
8. “Pirates of the Caribbean: Dead Men Tell No Tales” — $794.8 million
Domestic: $172.5 million
People in the US may have had enough of the “Pirates” franchise, but it’s still working overseas. So expect more.
7. "Wonder Woman" $821.8 million
Domestic: $412.5 million
It’s Warner Bros. crowning moment so far with its DC Comics franchise. The movie wasn’t just great, it was a beacon for the female empowerment movement going on in the country.
6. “Thor: Ragnarok” — $841.8 million
Domestic: $306.3 million
Marvel did a major pivot with the “Thor” movies and it worked. The wacky feel, lead by its director Taika Waititi, gave a spike in business to one of the few Marvel characters whose standalone movies were getting stale.
5. “Guardians of the Galaxy Vol. 2” — $863.5 million
Domestic: $389.8 million
This Marvel title, on the other hand, didn’t need any changes at all. This sequel to the overachieving original movie came back with more fun and sweet needle drops.
4. “Spider-Man: Homecoming” — $880.1 million
Domestic: $334.2 million
Sony teamed with Marvel Studios for its latest relaunch of Spidey and it was a masterful move. The inclusion of Tony Stark led to a light-hearted story and the franchise’s new Peter Parker, Tom Holland, did the rest with his charm.
3. “Despicable Me 3” — $1.03 billion
Domestic: $264.5 million
It wasn’t a great year for animated releases compared to the past couple. This is the only one that really knocked it out of the park around the world. Expect Universal and Illumination to call on Steve Carell to do more (and more Minions movies, too).
2. “The Fate of the Furious” — $1.23 billion
Domestic: $225.7 million
Not even infighting among the enormous stars of this franchise can stop its money making potential. It's pretty much bulletproof overseas, where the movie made $1 billion!
1. “Beauty and the Beast” — $1.26 billion
Domestic: $504 million
Disney’s process of doing live-action versions of its animated classics is going smoothly. 2016’s “Jungle Book” almost hit the $1 billion mark worldwide ($966.5 million) and “Beauty and the Beast” did this year. On deck: “Lion King.”
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When it reached two million paying subscribers in February, MoviePass said that it would be profitable at between three million and four million subscribers. After the company hit three million subscribers this week, Ted Farnsworth, the head of MoviePass' parent company, Helios and Matheson Analytics, claimed the company could break even at five million subscribers. It is unclear how MoviePass could accomplish this given that it currently loses money on every additional subscriber.
"MoviePass' rapid growth is within its projections that estimate the service will exceed five million paying subscribers by the end of 2018," MoviePass told Gizmodo in a statement.
The company has not yet announced a price point for its prospective family plan, but it could very well help push the service to the subscriber numbers it's projecting.
MoviePass has said that it has secured a $300 million "equity line of credit" that could sustain it for a year despite its losses of around $20 million per month, but financial experts have cast doubt on that statement, saying that MoviePass would have to convince investors of its long-term viability and potential for profit to access that money.
The company's stock has plummeted more than 98% from its 52-week high of $32.90 set in October. On Friday the company was trading at under 40 cents per share, as concerns on Wall Street continue to mount about the company's financial stability.