MoviePass surpassed the mark of 600,000 paying monthly subscribers as of October 18, up from approximately 20,000 as of August 14, the day before MoviePass announced its new $9.95 per month subscription price. The continued growth trajectory exceeded MoviePass’ initial projections, and now MoviePass projects that it will acquire at least 3.1 million additional paying subscribers by next August, exceeding its previous estimate of 2.5 million subscribers.
The company also announced that MoviePass had a subscriber churn rate of 4.2 percent for month one and 2.4 percent for month two after announcing its new $9.95 per month subscription price. Based on current churn rates, monthly subscriber retention is above 96 percent and average paying monthly subscriber life expectancy is 46.8 months.
"Month after month we aim to improve our service with faster card delivery, improved application updates, and an easier-to-use web site. We believe our strategy is paying off in terms of increased satisfaction, reduced churn, and faster growth," said Mitch Lowe, CEO of MoviePass. "I believe our ongoing investments in customer experience, usability and convenience have steadily improved customer satisfaction and retention."