MoviePass Announces Investment From Forecast Labs, A Division of Comcast NBCUniversal
June 20 2024 - 10:30AM
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 MoviePassGavin
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