Cinemark Joins Others in Movie Membership Offering
Cinemark Joins Others in Movie Membership Offering
Cinemark Introduces Monthly Movie Membership Program, But Is It A Threat To MoviePass?
07 December, 2017, 07:54
However, it's hard for exhibitors to pull off a MoviePass model: There's no way for them to discount significantly without cutting into a studio's rental, and that's what the majors don't want.
Cinemark Holdings ( CNK ), the third-largest USA theater chain, on Tuesday announced the launch of a movie subscription membership program that gives customers discounts on tickets, concessions and other benefits.
Cinemark owns almost 350 theaters in the USA, including 15 in Utah.
Customers can see one movie per day at any theater in the U.S.
Movie Club's economics make sense compared even to MoviePass, if one goes only to Cinemark theaters in groups, purchases concessions while there, and doesn't go incredibly often.
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But now an actual movie theater chain is responding with a similar plan. While Cinemark's rollover clause is unique, it's no where near what MoviePass is offering: unlimited movie tickets for $8/a month.
But Cinemark's model is designed for a different type of consumer. CEO Mark Zoradi told CNN Money the new pricing structure was aimed at "millennials" and its market research had found the most desired trait in a subscription service was the option to stockpile tickets. "Maybe we can encourage that person to come six or seven times a year".
Not to mention, members will also receive a 20% discount on concessions during every visit. Users only pay $9.95 a month, but MoviePass pays theaters the full value of each purchased ticket.
Cinemark is one of the biggest movie chains in the country with almost 350 theaters. Through its Movie Club, Cinemark is testing out a solution to empty seats that may prove more lasting. "It helps us, our studio partners, and the overall business". At a time when the movie industry is in crisis-when the overall box office gross in 2017 now sits at $9.855 billion, down considerably from 2016's $11.375 billion, and endless streaming services tempt consumers to watch at home-any service that gets more people to theaters is a boon for the industry.
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