MoviePass has partnered with Mastercard in the app’s efforts to attract more people to the movies.
The movie theater subscription service that offers its members monthly credits to see any movie in any theater has struck a deal with the credit card giant to become the new benefit for its cardholders. map.
Any Mastercard cardholder will benefit from a 50% discount on the first two months of a MoviePass Standard or Premium subscription when subscribing with their card.
The MoviePass Standard plan costs $20 per month (for 72 credits) and Premium costs $30 per month (for 113 credits). Plans cost $10 more in New York and Southern California (and give 140 credits for Standard and 200 credits for Premium).
“Mastercard is a champion of the movie industry and the ultimate partner for delivering rich, interactive experiences that allow movie fans to immerse themselves in the world of cinema,” Stacy Spikes, CEO and co-founder of MoviePass, told Business Insider in a press release. “Our goal with this initiative is to encourage greater film fandom through activities that could include film promotions, branded content development or in-person activations. At the same time, we are proud to support independent cinemas and want to develop campaigns that will help them grow and prosper.
The deal with Mastercard is part of the card’s “health and wellness, travel and lifestyle” enhancement for its cardholders. Besides MoviePass, there are also new card benefits for Booking.com, Lyft and ResortPass.
“From savvy shoppers to ambitious entrepreneurs, Mastercard offers a full range of valuable benefits to help cardholders simplify their daily routines, fuel their passions and improve their lifestyle,” said Seema Chibber, Vice President Executive Product and Engineering for North America at Mastercard. in a report.
Stacy Spikes, CEO of MoviePass. George Kerrigan
MoviePass became a pop culture sensation in the summer of 2017 when it dropped its monthly price to $10 per month to see one movie per day. This generated millions of subscribers but a loss of hundreds of millions of dollars under the leadership of former HMNY CEO Ted Farnsworth and then-MoviePass CEO Mitch Lowe (both of whom are awaiting trial on fraud charges in securities).
Spikes, who was laid off from his company in 2018, repurchased MoviePass in 2021 after the startup filed for bankruptcy in 2020.
Since then, MoviePass has surpassed 1 million movies seen in theaters through the app, according to the company. MoviePass said its new credits model has saved subscribers 35% on the cost of a movie viewing (compared to the retail price at the movie theater) since the beta launch, and has increased by 50%. % mid-week cinema attendance among its subscribers. .
The company made a profit for the first time in its history in 2023, Spikes revealed to BI in February.
Business Insider award-winning reporting on MoviePass is the basis for the upcoming HBO documentary “MoviePass, MovieCrash,” which had its world premiere at the 2024 SXSW Film Festival and will air in late May.
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