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Here's How a Netflix Cofounder Plans to Pay for Your $10-a-Month Movie Pass

As Movie theaters struggle with tepid sales, Mitch Lowe has an extreme proposal for how to get more people into seats: Let them come to all the showings they want for about the price of a single ticket each month.

Lowe, an early Netflix(nflx) executive who now runs a startup called Moviepass , plans to drop the price of the company’s movie ticket subscriptions on Tuesday to $9.95.

So the company also raised cash on Tuesday by selling a majority stake to Helios and Matheson Analytics, a small, publicly traded data firm in New York.

Ted Farnsworth, chief executive officer at Helios and Matheson, said the goal is to amass a large base of customers and collect data on viewing behaviors.

Lowe, a fixture of the home video business who helped get Netflix off the ground and served as president of rental-kiosk operator Redbox, was named CEO last year.

READ MORE (Fortune)

  • Former Netflix executive wants to shake up moviegoing with $10 MoviePass serviceMarketWatch
  • MoviePass Now Offers Unlimited Movies in Theaters for $10 a MonthLifehacker
  • Netflix cofounder's MoviePass will now let you see one movie per day in ...Business Insider
  • MoviePass Slashes Price to $9.95 a MonthHollywood Reporter
  • MoviePass' $9.95 'unlimited' deal is one movie a dayEngadget
  • See one movie per day in theaters for $10 a month with MoviePassW*USA 9
  • MoviePass To Expand, And Go Public, With New Sub Terms & Sale To Data FirmDeadline
  • Investors are misinterpreting positive benefit of $10 MoviePass on cinemasMarketWatch
  • MoviePass aims to be the Netflix of movie going -- but with one big differenceFox Business

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Here's How a Netflix Cofounder Plans to Pay for Your $10-a-Month Movie Pass


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