In its latest effort to stop hemorrhaging money, MoviePass is altering its business model to focus on self-generated revenue it hopes to derive from the films it produces.
The idea is to make MoviePass Films, which the company launched last year, a bigger part of its monthly movie theater subscription service.
To do that, MoviePass will make the films it produces available to subscribers in the hopes of increasing the film’s box office potential and expanding the subscription service itself.
The company now plans to accelerate production of projects for theatrical release and increase its distribution deals.
As of now, MoviePass Films has films with Mel Gibson, Bruce Willis, Michael Chiklis and Al Pacino in its pipeline
“We have gained a tremendous amount of insight into moviegoers and the industry over this past year and a half,” MoviePass CEO Mitch Lowe said in a statement. “MoviePass subscription, MoviePass Films and Moviefone now have a winning combination that we believe will drive consumers to our films, and re-energize casual moviegoers to go more often and see great films in local theaters – films that consumers often wait to see much later through streaming services.”
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