MoviePass trouble are now well known. They have been losing money forever, and continue to do so. But there’s some good news hidden among all the losses in its third-quarter financials filings in mid-November.
MoviePass lost $130 million in the quarter and tens of thousands of subscribers canceled the service. But the good news is that the remaining users are using the service less and less. On average now, they watch about three movies every four months. In March, the average monthly usage per subscriber was just over two movies (2.23). By September, it had dropped to below one movie (0.77).
Business Insider reports that the average movie ticket price in the US in the third quarter was $8.83. Combined with MoviePass’ September figure of 0.77 movies per subscriber, that would come out to $6.80 per subscriber that MoviePass could be paying per month, while receiving $9.95 for a monthly subscription. So MoviePass could be making some money, or at least not losing much.
That will probably not be enough to save it. It’s stock is now at just 2 cents, and it’s likely that subscribers will continue to cancel. But it could mean that MoviePass will be around just a bit longer.