Since MoviePass slashed the price of its monthly subscription from $30 to $10 a week ago, the movie-theater subscription service has seen such an influx of new members that it has struggled to keep up with demand.
A few day after rolling out its new, and arguably absurdly low, price point, MoviePass majority owner Helios and Matheson Analytics Inc. HMNY, +15.95% said in a filing with the Securities and Exchange Commission that the company had more than 150,000 subscribers.
Read: Former Netflix executive wants to shake up moviegoing with $10 MoviePass service
Also see: Is MoviePass’s new $10-a-month movie ticket deal really as epic as it seems?
MoviePass’s chief executive — and a Netflix Inc. NFLX, +1.86% founding executive — Mitch Lowe told MarketWatch the company’s subscriber base is now well above that figure. Lowe said MoviePass likely won’t give specifics on subscriber numbers until a planned initial public offering either later this year or in the early months of 2018.
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Part of MoviePass’s $27 million deal with Helios and Matheson Analytics included an additional payment if MoviePass hit 150,000 subscribers in a 15-month time span. The company passed 150,000 within days.
“We blew trough that,” Lowe said. “Maybe I’m jaded, but I initially thought it would be 12 to 15 months before we reached 150,000 subscribers, so we’re overwhelmed.”
After th price cut, MoviePass’s website and mobile app both crashed due to the volumes of people looking for information and trying to sign up. Lowe said the servers lacked capacity to handle the millions of visitors.
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