Helios and Matheson Analytics Inc (NASDAQ: HMNY) is having an overwhelmingly strong day in the market today, and for good reason. The company announced massive growth in its movie theater subscription service, leading to excitement among investors and causing gains in the stock. Today, we’ll talk about the news, what we’re seeing from HMNY, and what we’ll be watching for ahead.
HMNY Gains On MoviePass Growth
As mentioned above, Helios and Matheson Analytics is having a strong start to the trading session this morning after the company announced massive growth in subscribers. In fact, in a press release offered early this morning, the company announced that MoviePass subscribers had reached more than 1 million. Interestingly enough, the rate of growth proved to be faster than some of the world’s leading streaming services, including Spotify, Hulu, and Netflix. It’s also worth mentioning that since HMNY acquired a stake in the MoviePass service, subscriptions have grown by 6,500%! In a statement, Mitch Lowe, CEO of MoviePass, had the following to offer:
“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.”
The statement above was followed up by Ted Farnsworth, Chairman and CEO at HMNY. Here’s what he had to offer:
“MoviePass has accumulated more than one million new paying subscribers faster than many of the best known paid subscription services… MoviePass has proven to be a significant force in the industry accounting for increased movie theater revenue this year. We know this is what it will take for people to enjoy the experience of movies again and we’re thrilled that movie-goers are embracing a new and exciting era for cinema.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. With such strong news surrounding MoviePass, Helios and Matheson Analytics is definitely seeing strong movement in the market today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:22), HMNY is trading at $6.61 per share after a gain of $0.40 per share or 6.43% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on HMNY. In particular, we’re interested in watching the continued growth of MoviePass. Not just in subscribers, but also in the data sales and marketing services the company is working to develop. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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