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Helios and Matheson Analytics Inc (NASDAQ:HMNY) spiked mroe than 12 percent Monday after MoviePass announced a new revenue opportunity — a deal with an undisclosed independent movie distributor to promote a particular film for performance-based compensation.
“With studio-driven revenue, we have delivered on our promise to investors that our business model will continue to expand beyond subscription fees,” MoviePass CEO Mitch Lowe said in a press release.
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The added revenue source and active effort to influence moviegoing behavior may abate Street skepticism of the MoviePass model.
MoviePass Proves Its Worth
MoviePass boasts of success in previous marketing campaigns, which corresponded with a 53.3-percent increase in ticket sales for Amazon.com, Inc. (NASDAQ:AMZN)’s “Last Flag Flying” and a 48.3-percent increase for Bleecker Street’s “The Man Who Invented Christmas” against non-targeted consumer control groups.
More broadly, it claims efficacy in bolstering releases and sustaining screening attendance beyond opening weekend.
Its representation among ticket sales for both “Justice League” and “Coco” marginally increased after opening weekend even as total attendance slipped. The firm also accounted for 13.21 percent of opening-weekend sales for “Roman J. Israel Esquire” and 10 percent for “Three Billboards Outside Ebbing, Missouri.”
“Our data shows that MoviePass has a demonstrable impact on revenue figures and percentage contributions to overall box office receipts for both major studio releases and independent films during Opening Weekend," Lowe said in the release.
Helios and Matheson traded recently at $9.44, up 11.4 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.