How Cinemark Is Looking to Compete With Netflix
While most people get their content online in an increasingly digital world, we shouldn’t forget where most of it came from — the movie theater.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
While most people get their content online in an increasingly digital world, we shouldn’t forget where most of it came from — the movie theater. While Netflix, Hulu and HBO are cleaning up with their streaming services and content, the newest content is consistently at the theater. Cinemark Holdings Inc. (NYSE: CNK) is looking to take advantage of this idea with its newest offering to its customers.
The company announced the launch of Movie Club, a unique monthly movie membership program. The first program of its kind, Movie Club offers ticket and concession discounts along with many other exclusive benefits.
For the $8.99 monthly fee, consumers are given one 2-D movie ticket each month with premium format ticket upgrades available. Unused tickets will roll over and never expire for active members.
[nativounit]
At the same time, members will be able to reserve seats and buy tickets in advance with no online fees.
Not to mention, members will also receive a 20% discount on concessions during every visit.
Mark Zoradi, Cinemark CEO, commented:
We are thrilled to launch our proprietary movie membership program that is completely consumer research-driven. Based on the feedback we received, we designed Movie Club with all of the features and benefits that moviegoers desire most in a membership program without any of the hassle, enabling our guests to enjoy the moviegoing experience with their friends and family.
With the rise in popularity of online streaming services, it seems that movie theaters will have to continue creating attractions like this to keep customers coming in the door instead of staying home on the couch.
Shares of Cinemark were last seen down about 0.6% at $36.19, with a consensus analyst price target of $42.11 and a 52-week range of $32.03 to $44.84.
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
