As of this writing, more than 349 million shares of the stock have changed hands. CNNMoney (New York) First published July 24, 2018: 12:48. The MoviePass countdown has investors taking an interest in HMNY stock today. "Sometimes when the market is tougher, that's when people become more open to new revolutionary ideas," Spikes said.Īlexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. MoviePass also recently introduced surge pricing, which triggers an added cost for a particular showing whenever there is a lot of demand. Britain's Cineworld Group ( CINE.L), the parent company of Regal, is reportedly preparing to file for bankruptcy as a resultĭespite these secular concerns for the business, Spikes remains steadfast in his belief in theaters. Still, theater chains have struggled to climb back from pandemic lows with the domestic box office down about 31% compared to 2019, according to Box Office Mojo.Īdditionally, most major theatrical chains like AMC, Cinemark, and Regal Cinemas remain unprofitable - despite soaring revenues in the second-quarter. MoviePass will be forced to compete with individual theater chains' loyalty programs like AMC Stubs "What we've done is set up a marketplace that allows the studios and the theaters to do peak and off-peak pricing," Spikes said, explaining that more popular movies shown at more popular times will cost more credits, allowing greater flexibility for theater operators. There will be no unlimited viewing option. Unlike the company's previous model - which failed to sustain a monthly, unlimited plan of just $10 a month - the resurrected version will allow users to select monthly prices between $10, $20, or $30.Įach tier will offer a set amount of credits that users can then "cash in" to see movies. That shows the retention that the brand has and consumer excitement," Spikes said. With market perception of MoviePass affecting Helios & Mathesons stock value, in October 2018 the company revealed a preliminary plan to spin off its film. AMC Theatres Adam Aron Never Called Back >MoviePass CEO Says AMC. "We're really happy with people's excitement about MoviePass coming back. Amc ThetaerAMC Theatres Stock Plummeted Today IndieWire>Why AMC Theatres Stock. Spikes revealed 30,000 people signed up in the first five minutes prior to the server crashing for two-and-a-half hours. The service will begin to launch in select markets over Labor Day Weekend, but a waitlist for the app's beta version, which opened on Thursday, saw "overwhelming demand" - so much so that it caused the site servers to crash, the company said in a tweet. Spikes regained ownership after buying it back from parent company Helios and Matheson Analytics in November of last year. MoviePass, which skyrocketed to popularity in 2017, fell into bankruptcy just two years later. There was a strong nostalgic response to the rebirth of MoviePass. 'Top Gun: Maverick' (Courtesy: Paramount) A more sustainable MoviePass is a good thing for movie theater stocks in more ways than one.
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