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MoviePass Parent Company To Launch MoviePass Films

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The parent company of MoviePass is in the process of launching MoviePass Films, an extension of the company that will allow the production and distribution of original movies.

Though the movie theater subscription service MoviePass was launched in 2011, its popularity spiked in 2017 when the company introduced a brand new pricing option for users. After experimenting with various pricing models that charged users up to $50 a month for limited movie theater access, MoviePass offered a significantly more affordable unlimited option of $9.95 a month - the only caveat being that users were restricted to seeing one movie per day when using the app. Now, the company is innovating their business model even further with plans to develop their own production and distribution studio called MoviePass Films.

Related: MoviePass May Need To Change Strategy As Stock Plummets

According to THR, MoviePass' parent company Helios and Matheson Analytics is in the process of acquiring the entire film library and production slate from Randall Emmett and George Furla's Emmet Furla Oasis Films (some of EFO Films' produced movies include Lone Survivor with Mark Wahlberg, Escape Plan with Arnold Schwarzenegger and Sylvester Stallone, and Martin Scorsese's Silence with Andrew Garfield and Adam Driver). Though few specifics have been disclosed regarding terms, the deal will allow Helios and Matheson Analytics to produce original movies in the future via the brand new production and distribution company MoviePass Films. MoviePass CEO Mitch Lowe shared his excitement about the acquisition, stating that this sort of partnership so early in his company's development is "truly remarkable."

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MoviePass has been in the process of expanding their business model beyond movie theater ticket subscriptions as early as January 2018 when they launched MoviePass Ventures, allowing them to co-acquire movies for distribution. Acquiring the rights to EFO Films' film library and production slate is the first major step in making their plan a reality. And what's more is that, as a production company, MoviePass Films will have the benefit of promoting and marketing their upcoming slate of original movies directly to their subscribers.

Having drastically changed the way many moviegoers purchase movie tickets, MoviePass seems to have its eyes on innovating the moviegoing market even more. One of the biggest hurdles that studios face is making sure audiences are even aware of the movies they're releasing in the first place. With roughly 2 million subscribers, as well as the fact that movie recommendations within the app have proven to be successfully influential with users, MoviePass may well be on the way to change the entire moviegoing experience yet again.

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More: MoviePass Rival Sinemia Introduces New Subscription Plans

Source: THR

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