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moviepass

'Hollywood is being run out of Miami': How MoviePass is conquering cinema

Ted Farnswoth, the Miami-based CEO of the parent company of MoviePass, has been guiding the hot app through its ups and downs. Nick Garcia

Ted Farnswoth, the Miami-based CEO of the parent company of MoviePass, has been guiding the hot app through its ups and downs. Nick Garcia

Hollywood is set for its biggest box office weekend of the year as Disney and Marvel Studios release "Avengers: Infinity War" on Friday.

Its success will likely get a boost from a movie-ticket subscription service called MoviePass, which allows existing users to pay a flat monthly fee of $9.95 to see a movie a day at most major theaters. New users face tighter restrictions.

MoviePass has quickly become one of the most talked-about services in both Hollywood and on Wall Street as debate rages about the future of moviegoing.

And until recently, MoviePass's parent company, Helios and Matheson Analytics Inc., was partially headquartered at a co-working space on South Beach. It has now moved to a larger office in Brickell. Most of Helios' and MoviePass' employees work in New York.

"I think it’s a riot that Hollywood is being run out of Miami," said Helios CEO Ted Farnsworth.

U.S. movie attendance continues to shrink as more people opt to watch movies at home via services like Netflix and HBO. Increasingly, Hollywood studios are relying on blockbusters to drive sales, leaving small and mid-budget projects in limbo. That in turn is affecting movie theaters, which are spending millions to upgrade their facilities to offer a premium experience.

Enter MoviePass. The company founded by two entrepreneurs in 2011 initially charged between $15 and $50 a month for a run of movies at participating theaters.

In 2016, Helios merged with Farnsworth's Miami-based tech company, Zone. At the time, Zone was based at WeWork's Lincoln Road space.

Farnsworth, a tech entrepreneur and longtime Miami resident, was named CEO. He began strategic acquisitions that would make Helios' product lineup more attractive. He immediately seized on MoviePass, hoping to capitalize on the monthly subscription-service wave (think Netflix and Spotify).

Last year, Farnsworth decided to lower MoviePass's price to $9.95 to boost growth.

The new price launched MoviePass into the stratosphere. Between last August and this January, MoviePass said its subscribers grew by more than 6,500 percent. In February, MoviePass announced subscriptions had surpassed 2 million. Farnsworth said he now expects to reach 5 to 6 million users by the end of 2018.

Today, MoviePass is an object of obsession in the film industry. Just this week, the Hollywood Reporter asked, "Is MoviePass Hollywood's Future or Just 'Too Good to Be True'?" noting that MoviePass was the elephant in the bedroom at this week's CinemaCon conference.

"Its 2 million customers (and growing) are impossible to ignore," the publication said.

At the same time, questions have been raised about MoviePass' and its parent company's long-term financial prospects. For fiscal 2017, Helios reported a $150.8 million loss, compared with a $7.4 million loss in 2016. Farnsoworth attributes the slide to Helios' finalizing its acquisition of MoviePass. An outside audit first noted by Business Insiderindicated "substantial doubt" about the company’s ability to stay in business. Farnsworth dismisses the language as boilerplate in an annual report. Helios' stock price has continued to fluctuate. Verizon recently disclosed it had invested in Helios.

Rich Greenfield, media analyst at Wall Street firm BTIG, said it remains to be seen whether studios and movie theaters need, or even want, a company like MoviePass to prop up the film business. The service has been most useful in driving filmgoers to less-advertised fare, he said.

To remain viable, MoviePass will have to simultaneously deliver break-neck user growth and show that it is altering moviegoer behavior in Hollywood gatekeepers' favor.

"For [the MoviePass] model to work you need scale, and in order to scale you need to gain negotiating leverage relative to exhibitors," he said. "MoviePass is going to need tremendous scale."

MoviePass has at least one favorable poll in its pocket showing its impact on moviegoing. A Hollywood Reporter survey found that MoviePass subscribers were taking six more trips to the cinema than nonsubscribers and were twice as likely to see a movie on opening weekend. In addition, nearly half of MoviePass customers said they would now be more willing to see a movie by themselves, and 42 percent said they'd catch a flick midweek.

"I think MoviePass has to be considered one of the better things to happen to the movie industry in quite some time," said Jeff Lowe, host of the popular movie podcast Lights Camera Podcast, in an email. "Obviously, the theater companies don't seem to be big fans, but ever since MoviePass lowered their prices, I have seen my local theater as packed as ever."

Farnsworth says MoviePass is operating on an Amazon-like model, focusing on capturing as many users as possible. The company is continuing to make investments: It recently purchased venerable cinephile mainstay MovieFone to gain access to more moviegoer data. And MoviePass just bought a stake in the upcoming John Gotti biopic starring John Travolta through the indie financing arm it created in January.

He also emphasizes that the company now has a huge dataset of moviegoer habits, one that rivals whatever sets film companies and even theaters currently possess.

"We can now target a film's advertising better than it could have ever been done before," Farnsworth said. 
 

As for Miami, the company's presence here will continue to grow as long as the company continues to do so, Farnsworth said. A spokesperson said Mitch Lowe, who oversees MoviePass, will be spending more time in the Magic City, and that the company is looking to expand into Latin America.

"We caught lightning in a bottle," Farnsworth said.

Deseret News: HMNY buys more stock in MoviePass. Here's what that means

As Bloomberg reported, MoviePass, which helps feed people’s film habits by giving them movie theater passes for a monthly fee, recently dropped its monthly subscription price to $9.95...

As Bloomberg reported, MoviePass, which helps feed people’s film habits by giving them movie theater passes for a monthly fee, recently dropped its monthly subscription price to $9.95...

Helios and Matheson Analytics announced Friday that it has bought even more stock in MoviePass, the trending subscription service that offers customers a free movie ticket per day.

In a press release sent to the Deseret News, HMNY said it has raised its outstanding shares of MoviePass’ stock to about 78 percent.

"We could not be more thrilled to hold a bigger stake in MoviePass, as the MoviePass phenomenon has become a major disruption to the entertainment industry,” said Ted Farnsworth, CEO of HMNY, in a statement. "The partnership continues to be a great benefit to both MoviePass and Helios and Matheson shareholders."

The increased ownership comes after HMNY provided cash advances to MoviePass from Dec. 19, 2017, to Feb. 15, 2018, “to support MoviePass' working capital and operational requirements, as well as to support the expansion of MoviePass' business plans and objectives,” according to the press release.

HMNY advanced $45,525,000 to MoviePass, according to the press release.

MoviePass CEO Mitch Lowe said HMNY’s advanced pay helped the company reach 2 million subscribers and that the increased investment will help MoviePass continue to grow.

"Our goal has always been to drive more people to the movies while reinvigorating the entire ecosystem that includes theaters, studios, and distributors. Our relationship with Helios makes that possible,” he said.

The announcement comes after HMNY’s stock dropped by more than 30 percent, according to MarketWatch.

According to CNA Finance, the public offering of the shares means the company may need more money.

“If there was no need for money, there would be no need to dilute the shares currently in the market by offering new shares for sale,” CNA Finance reported. “Some are arguing that the offering shows that the MoviePass service is a bust and that profitability is a long way away, if it ever comes.”

CNA Finance said HMNY will need to grow its own efforts of data collecting quickly so it will have enough money to fund MoviePass.

The drop in stock amount — with each share costing $5.63 on Tuesday — came after last week’s announcement that the company helped raise MoviePass to 2 million subscribers.

MoviePass lowered its monthly price to $7.95 last week, according to the Deseret News. The company also offered a bonus subscription movie streaming service called Fandor in its latest package, which will cost customers $115.35 annually, including a $19.95 processing fee.

MoviePass subscribers previously paid $9.95 per month for the service that gives customers a movie ticket per day.

"We're having fun. We're energizing the movie industry, constantly experimenting,” Lowe told The Hollywood Reporter.

 

 

Market Watch: How MoviePass plans to make money from its more than 1 million subscribers

MoviePass announced on Dec. 20 that it had surpassed 1 million subscribers 

Source: Getty Images

Source: Getty Images

MoviePass, the $10-a-month subscription service allowing moviegoers to see a film a day at cinemas, has been chewed over in Hollywood — seen as both friend and foe.

The haste with which the company hit the million subscriber milestone — announcing on Dec. 20 that it had done so, just four months after lowering the subscription cost to $10 from as much as $50 — suggests consumers see MoviePass’s value.

It took Netflix, of which MoviePass Chief Executive Mitch Lowe was a founding executive and which, of course, began life as a DVDs-by-mail service, more than three years to hit the 1 million subscriber mark.

MoviePass had roughly 20,000 subscribers before the price cut, but demand for the service since has been much higher than Chief Executive Mitch Lowe expected.

Also see: MoviePass has struggled to meet demand for its $10-a-month movie-ticket deal

Check out: MoviePass helped drive record attendance at Studio Movie Grill cinemas

However, those in the industry and others following the business are concerned that MoviePass’s model is unsustainable. The question is how a movie-theater subscription company subsidizing its members’ potentially expensive film-going habits can be profitable?

“It’s about the data,” said Ted Farnsworth, chief executive of Helios & Matheson Analytics Inc., which owns a majority stake in MoviePass.

Helios & Matheson shares HMNY, +1.11% have been on a tear since the company took its majority position in August. Shares are up about 102% since that time. The stock has been volatile, too, reaching an intraday high of $38.86 per share in October, but closing Thursday at $6.90 a share.

Read: Costco offering members MoviePass and streaming Fandor service for $89.99 a year

Short seller Andrew Left warned retail investors in October that Helios & Matheson shares would fall back to $20, and that MoviePass would never be a $1 billion company.

“I’m not worried about it,” Farnsworth told MarketWatch. “He’s a short seller, so he’s got to cover his squeeze. But the bottle will stand on its own.”

Some critics of the MoviePass business are concerned the company won’t be able to make money and will flame out, further hurting already troubled theater chains, or that it will have to raise subscription prices and drive users away

When Helios & Matheson acquired MoviePass, the company also cut the price from as much as $50 a month to $9.95. But it is still shelling out the full price of tickets to studios and movie theaters.

According to the National Association of Theater Owners, the average cost of a single movie ticket was $8.65 in 2016 — and double that figure in some major U.S. cities.

See: Former Netflix executive wants to shake up moviegoing with $10 MoviePass service

Also read: MoviePass has struggled to meet demand for its $10-a-month movie-ticket deal

“The deal from our side and why we’re excited is we still get paid the full price of admission. If this succeeds in driving attendance, it will pay for itself,” said Chris Aronson, head of distribution at 20th Century Fox FOXA, +3.65% . “And they’ve made no secret that their goal is to mine data from subscribers. We’d be very interested in that.”

That’s exactly what Farnsworth and MoviePass’s Lowe are banking on. 

“Making money putting people in the theater is fine, but also think about the advertising side,” Farnsworth said. “We’re the only company out there that can tell companies exactly who and when people are going to the movies.”

 

If MoviePass is able to prove that it can drive incremental box-office revenue to studios and cinemas, Lowe said, the company can strike deals to share in the revenue from those sales, as well as from concessions.

Read: Is MoviePass’s $10-a-month movie ticket deal really as epic as it seems?

That could then lead to studios paying MoviePass to promote films to its users. MoviePass has experimented with this already, and Farnsworth said 18% of users go to movies after prompting by the MoviePass app.

Farnsworth and Lowe said they want to partner with restaurants located near cinemas and possibly even with Uber to get users a ride to the theater. It’s all about capitalizing on a night out at the movies, Farnsworth said.

“It’s so much easier than people think,” Farnsworth said. “There are so many areas for revenue streams. Will we need to raise more capital in the future? Sure. But right now we’re focusing on growing the company and doing deals with companies already out there.”

Shares of Helios & Matheson have gained 109% in the year to date, while the S&P 500 indexSPX, +0.65% is up 20%, and the Dow Jones Industrial Average DJIA, +0.24% is up nearly 26%.

Slashfilm: MoviePass Has Reached One Million Subscribers

The movie theater ticket subscription service MoviePass shook up Hollywood earlier this year when a majority stake in the company was bought by Helios and Matheson Analytics Inc., which resulted in the monthly service dropping their price to just $10 a month. For that price, subscribers are able to see one movie each day as long as it’s not in IMAX or 3D, and they can see the same movie as many times as they want to. It’s one hell of a bargain, and movie-going audiences have been paying attention.

Just before Christmas, MoviePass subscriptions had reached 1 million paid subscribers, and if the credit given to the service for raising movie theater attendance is any indicator, the service is only going to get bigger.

“We are excited and proud to have reached the one millionth subscriber level in such a short time while still early in the consumer adoption curve. Our focus on creating the best movie theater subscription service experience for our subscribers has propelled our growth to date. We believe that growth will continue as we further develop our application, improve customer service, enhance exhibitor relations and fill movie theater seats for incredible films to be released in the future.”

Deadline says MoviePass reached this milestone in just four months. MoviePass has been around a lot longer than the past four months, but it had a relatively small number of consumers for a few years and most of their customer base was built up during the past few months. By comparison, it took Netflix 39 months to reach 1 million monthly subscribers. However, it should be noted that Netflix was the spark that lit the fire for media subscription services to take off with consumers, so it’s not necessarily a fair comparison.

Even so, the fact that MoviePass has grown so rapidly is impressive. The service has been operating rather smoothly after a rough start had customers waiting weeks to receive their Master Card debit card that they use to pay for tickets after checking into movie theaters through the MoviePass app. They’ve had some kinks in the system here and there due to the influx of new customers and the usual growing pains that come from a company expanding at such a quick rate, but they seem to be keeping most customers happy. Surely the Christmas season saw many more new subscribers gifted the service too.

We haven’t seen extensive statistics about the performance of MoviePass, but the company itself has provided some promising numbers. The service has increased opening weekend ticket sales by over 10% for some films, and subscribers are heading out to theaters even more during a film’s second week of release. Plus, Studio Movie Grill had “record attendance attributed to the help of MoviePass, led by an increase in off-peak attendance as well as with smaller films.”

This all comes after the largest movie theater chain in the world, AMC Theatres, pitched a fit about the subscription service. Of course, we learned that’s all because their own idea for a movie theater ticket subscription service didn’t pan out the way they hoped. Meanwhile, the movie theater chain Cinemark is desperately trying to keep up by creating their own subscription service, but it doesn’t quite measure up to the bargain that comes from MoviePass.

While it’s still early in the game for MoviePass, the company has made quite a splash in the film industry so far. If they keep growing, then the death of movie theaters may not be as close as some thought. But we’ll have to wait and see if MoviePass can keep this momentum going or if they crash and burn as AMC Theatres predicted.

Are you happy with MoviePass so far?

Benzinga: MoviePass, Fandor Ink Deal With Costco

 
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Just in time for the holidays, MoviePass, a movie-theater subscription service that's partially owned by analytics firm Helios and Matheson Analytics Inc HMNY, will be available to Costco Wholesale Corporation COST clients at a special price.

What You Need To Know
MoviePass allows its consumers to attend unlimited movies at more than 90 percent of theaters across the U.S. for a fee of $9.95 per month. But as part of a special promotion, a full-year MoviePass subscription along with access to Fandor's library of over 5,000 digital streams, will be available through Dec. 18 on Costco.com for a one-time payment of $89.99.

Why It's Important
MoviePass' user base has grown to over 600,000 subscribers and some analysts are modeling a path towards 1 million users. A partnership with Costco could be seen by some as a move that would accelerate the company's growth profile.

It's also important to note that Helios and Matheson's stock rose 1,000 percent in just one month before it was highlighted by Citron Research's Andrew Left as a short idea.

What's Next?
"We've long been fans of Fandor's library of movies and we're excited to partner with them and Costco to bring new members this incredible limited-time offer," said Mitch Lowe, CEO of MoviePass. "MoviePass is ultimately about celebrating our love of movies, whether you stream them at home or experience them on the big screen. We feel strongly that our subscription model is a major step forward for the industry, and the increased attendance that we've seen as a result of the MoviePass service is an encouraging sign not only for theaters, but for the studios and distributors as well."

HMNY shares were up more than 21 percent at $11.09 in Tuesday's session.

Benzinga: MoviePass Expands Revenue Source With Distributor Deal

 
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Helios and Matheson Analytics Inc HMNY 8.46% spiked more 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.

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. AMZN 0.48%’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.

Forbes: The MoviePass $89.95 Annual Subscription: Safe Bet Or Risky Business?

 
 

In the weeks since MoviePass announced its $89.95 annual subscription promotion—a 25 percent discount off its $9.95/month plan—I’ve gotten lots of queries about the wisdom of taking up MoviePass on the offer.

Most have expressed concern that if they put down their $89.95 up front, as the plan requires, they may get left with an unhappy write-off if the movie-ticket-a-day service goes bankrupt.

It’s not an unreasonable worry, given that MoviePass not only seems to be unsustainable at the low average price of $7.50 per month, but also because it has attracted increasing ire from the movie theater chains with whom it does its business.

But there are other considerations to factor in to the decision as to whether to purchase the annual pass. Here are two good reasons to go ahead, and three reasons to consider sticking with the monthly plan instead, or skipping MoviePass completely.

Read full article here

Cision PR Newswire: Studio Movie Grill scores record attendance in 2017 with the help of MoviePass and data driven decisions

2017 industry stories continue to sound the alarm on box office woes.  SMG, with the help of MoviePass, has experienced major increases in off-peak attendance as well as with smaller films.  In 2016, Studio Movie Grill ("SMG") created a strategic relationship with MoviePass, the nation's premier movie-theater subscription service, to assist in driving traffic into its theaters.  On the anniversary of that partnership, SMG is delighted to announce that it will finish the year with both positive comp store attendance and sales.  The company considers its success to have been bolstered by its partnership with and early adoption of MoviePass, coupled with the growth of the in-theater dining concept and service model.

In fact, at a time when competitors have seen a marked decrease in anticipated annual revenue, SMG is staying on track for continued growth due, in no small part, to the substantial partnerships it forged, including that with Movie Pass, and the subsequent guest loyalty it engendered.  

SMG partnered with MoviePass in experimenting with new concepts by combining the best of subscription and dine-in cinema to enhance loyalty and build new audiences. In addition, Movie Pass has seen tremendous success with millennials, who perceive great value in the program coupled with the time savings the extensive American Grill menu and in-theater dining offers at SMG.  They also love the ease of use and subscription offerings.  Members benefit from being able to take advantage of features like e-ticketing and seat selection directly through the MoviePass app.  

"MoviePass has enhanced our ability to open hearts and minds by providing a no risk vehicle for movie goers to sample movies they might not otherwise see.  SMG was amazed to learn that in some cases, as with Lady Bird, MoviePass generated a double digit % of total attendance.  We are in the business of creating the habit of movie going and we are excited to be an early adopter of MoviePass," said Brian Schultz, Founder/CEO, Studio Movie Grill.

The largest gains SMG has seen from the program have been in driving attendance to off-peak times and bringing audiences in for a wider range of movies.  In some cases, a monthly even weekly habit is created on the price point offered.  Thus, MoviePass caters to the viewing habits of SMG's loyal guests and prides itself in producing theater attendance increases month over month from subscribers.

"The MoviePass subscription-based model can be an integral part of the future of the exhibition business and we are excited to have been the leader in implementing the model in our theaters," stated Ted Croft, CFO, Studio Movie Grill. "As a conscious business, it is important for SMG to be focused on being actively involved as a partner in innovative steps towards enhancing the future of movie going and to supporting our stakeholders."

Read more here

New York Post: MoviePass dangles big discount heading into holidays

MoviePass is cutting the price of a movie to less than the cost of a popcorn and a drink.

For a limited time, the all-you-can-watch movie ticketwill now cost you just $6.95 a month — 30 percent below its usual $9.95 price.

But there’s a small catch — you have to pay for an entire year upfront. The special-offer $89.95 price includes a $6.55 processing fee.

Back in August, MoviePass was an expensive, niche service, charging users up to $50 a month to see as many movies as they wanted in theaters.

But then the company upset some theaters owners by slashing the price from $50 to $9.95. Americans loved the lower price and the number of MoviePass subscribers ballooned to over 600,000.

Ted Farnsworth, chief executive of Helios & Matheson Analytics, which took a controlling stake in MoviePass before the price cut, told The Post that the company decided to offer the limited-time lower price because it is determined to get its subscriber numbers past the 1 million mark.

It is already making its mark on the theater industry, according to Farnsworth.

MoviePass was responsible for 4 percent of all tickets sold for the recently released “Murder on the Orient Express,” which pulled in over $36 million in its opening weekend, according to Farnsworth.

Photo: Shutterstock

Photo: Shutterstock

Insider Financial: Helios and Matheson Analytics Inc. Enters Into Agreement to Issue $100 Million in Convertible Notes to Institutional Investors In Order to Increase Its Stake in MoviePass™

by Chris Sandburg

by Chris Sandburg

It has been a little over a week since we last covered Helios and Matheson Analytics Inc (NASDAQ:HMNY) and, at the time, the company was trading considerably down on its pricing from just a few days earlier.

From highs around $35 during early to mid-October, the company had fallen to around $10 a share – a decline of a little over 71%.

The decline came in part due to profit taking on the steep run-up throughout September and in part due to markets letting off steam after what was (in all likelihood) an overenthusiastic response to the development that kicked it all off.

Read more here

Forbes: MoviePass Owner Helios & Matheson's Shares Soar 47% On $100M Debt Issuance News

by Rob Cain

by Rob Cain

No media-related stock has been on a wilder rollercoaster ride these past few months than Helios & Matheson (NASDAQ:HMNY), owner of the MoviePass movie ticket subscription service. The company’s share prices went on a 1,400 percent tear starting on September 15, when MoviePass announced that it had signed up 400,000 subscribers in the month since it rolled out its new $9.95 per month “all you can watch” plan. After rocketing from $2.50 per share on September 14 to a high of $38.66 just 19 trading sessions later on October 11, the stock rapidly drifted down to the $10.00 range, where it bounced around for a few weeks until yesterday.

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That was when Helios revealed that it had secured a $100 million convertible debt commitment from institutional investors for the purpose of further funding MoviePass, and for general corporate purposes. That sparked a 45.2% pop for HMNY’s shares on Tuesday, to a closing price of $14.20.

Read full article here

 

Benzinga: Analyst Still Sees Nearly 100% Upside In Helios And Matheson, Says MoviePass Will Help Revive Movie Ticket Sales

by Elizabeth Balboa

by Elizabeth Balboa

Helios and Matheson Analytics Inc (NASDAQ: HMNY) closed up 47 percent Monday on news of an increased stake in MoviePass.

That brings the stock up 330 percent year-to-date — and one expert thinks it’s still has room to run.

“We argue large movie theater chains will benefit from MoviePass that we expect will help revive movie ticket sales, which leads to more concession sales,” Maxim analyst Brian Kinstlinger wrote in a Monday note. “Furthermore, we believe the Hollywood studios may be less hesitant than the theater chains to compensate MoviePass if it can fill more seats.”

MoviePass recently reported that it saw a 30-fold increase in paying monthly subscribers from 20,000 in August to 600,000 in October.

Read more here

Real Money: MoviePass Service Could Be the Ticket for Helios & Matheson

Have you seen Helios & Matheson (HMNY) today? Have you seen the stock this month? The stock traded at around two bucks until mid-September. This morning, the shares have traded at just under $39, and just above $28. Nothing to see here. Keep moving along. The stock closed on Friday afternoon at $15.75. So what gives? And who the heck is Helios & Matheson? 

CNA Finance: Helios and Matheson Analytics (HMNY) Stock: Lowe Creates A Monster With MoviePass

In just 3 weeks, HMNY was able to boast some impressive growth. In fact, in these 3 weeks, subscriber growth went from the low tens of thousands to more than 400,000! Considering this massive spike in demand, it only makes sense that we're going to see more strong growth, and Lowe believes this to be the case as well. While modest, Lowe made it clear that the subscriber base is growing at an incredibly fast rate. Here's what he had to say:

I thought it would have taken us more than six to eight months to get as many subscribers as we did in the first two days.”