MoviePass on Wednesday said it now has more than 3 million subscribers and hopes to reach 5 million by the end of the year.
Subscribers receive a card that allows them to watch movies at more than 90 percent of theaters nationwide. Its unlimited pass costs $9.95 per month, which lets buyers watch one new movie every day. The regular pass costs $7.95, giving subscribers access to three movies a month. Launched last August, MoviePass now accounts for more than 5 percent of total US box office receipts, the company, owned by Helios and Matheson Analytics, said in a statement.
At the Sundance Film Festival earlier this year, Helios and Matheson Analytics announced the launch of a distribution arm, called MoviePass Ventures. The idea was for the MoviePass subscription service to team with film distributors to buy titles for theatrical release. It has since announced the launch of a production company, called MoviePass Films.