NEW YORK, June 20, 2024 (GLOBE NEWSWIRE) -- Cannes Lions International Festival of Creativity 2024 – MoviePass Inc., the technology platform enhancing the exploration of film and the moviegoing experience, today announced an investment from Forecast Labs, a consumer venture group within Comcast NBCUniversal. As part of the investment, Forecast Labs will drive new customer acquisition, for MoviePass, via TV advertising.
The agreement comes on the heels of MoviePass surpassing the milestone of one million movies seen on its platform and achieving the first profitable year in the company’s history. The company’s recent growth has been driven by the artificial intelligence and machine learning enhancements that have optimized the performance of the MoviePass Cinematic Marketplace. The technologies have had a powerful impact on the new business model - a proprietary credit-based system - which drives significant value for members, beneficial marketing opportunities for studios and higher attendance for partner theaters.
“Today’s investment will accelerate our mission to bring new technology and innovation to the film community that will spur growth and drive higher traffic to theaters,” said MoviePass CEO and co-founder Stacy Spikes. “We are also continuing to invest in the development of our cinematic marketplace so that studios and partner theaters can see maximum value by engaging directly with movie fans on the platform.”
MoviePass has the largest theater footprint of any subscription service featuring over 3,500 locations across America and covering all 50 states with a reach of more than 97 percent of the market.
“We see tremendous value in the new MoviePass model and believe that with our access to media, we have the distribution advantage to enhance the MoviePass brand and drive new membership growth,” said Arjun Kapur, Managing Partner at Forecast Labs.
About MoviePass Inc.
MoviePass is a technology platform enhancing the exploration of film and the moviegoing experience. Started in 2011, MoviePass quickly became the nation's premier movie theater subscription service, providing film enthusiasts with the ability to attend select new movies in theaters across the United States. After leaving the company when MoviePass was acquired in 2017, MoviePass’ Co-Founder and CEO Stacy Spikes bought the company’s assets out of bankruptcy and re-launched the company in 2022. To learn more, visit moviepass.com.
Contact
LaunchSquad for MoviePass
Gavin Skillman
gavin@launchsquad.com
