Cinemark Holdings (NYSE:CNK) has started a new movie subscription membership program for its customers, and it’s having an effect on its own shares, as well as its competitors’.
The subscription program gives customers discounts on tickets, concessions, as well as other benefits, all for the cost of $8.99 a month. It is called Movie Club, and gives customers one movie ticket a month, with any unused tickets simply rolling over to the next month. The tickets will never expire either. Members can also buy additional movie tickets for $8.99, and they can reserve and purchase tickets in advance without any fees, either online or through the Cinemark app. The discount for food and drink is 20%.
Helios & Matheson (NASDAQ:HMNY), which has a similar movie-theatre subscription service call MoviePass, saw its shares drop nearly 20% when Cinemark made its announcement. Cinemark’s own shares were only down 0.9%, so while the program doesn’t necessarily seem to be buoying up Cinemark’s stock, it is certainly working to crash competitors’.
Featured Image: twitter
