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Marty Higgins

Marty Higgins

LevFin at AIB

Corporate debt investor. Energized by all things business, strategy, buyouts, tech, and VC.

Love exercise, being outdoors, food (a little too much), and travel.

Confused Irishman in NYC.

  • Nice analysis Sumeet. We cover the space too. Its worth noting that the 3 major US players (~50% of market share) have little intention of splitting ticket / concession profits with the startup. Also, the avg subscriber bought ~3 tickets per month in Q4'17 - a $20 loss to MoviePass per user per month

    Nice analysis Sumeet. We cover the space too. Its worth noting that the 3 major US players (~50% of market share) have little intention of splitting ticket / concession profits with the startup. Also, the avg subscriber bought ~3 tickets per month in Q4'17 - a $20 loss to MoviePass per user per month! At 2mm subscribers, the current losses are material..

    Hard to see a path to profitability based on current pricing.

    Cineworld (Regal's new owner) has their own subscription service in the UK at ~20GBP per month (avg. ticket price is 6GBP). I think if this sort of price point comes to the US it could be great for theatre operators. More butts in the seat = more concession spend (85% profit margins).

    We will see though, despite all the noise around theatre attendance, streaming, and MoviePass, the box office still enjoyed a solid year (-2.5% y-o-y, but 3rd all-time high) and the major operators all had a solid Q4'17 / strong Q1'18 thanks to a strong film slate.