MoviePass added an incredible 500,000 new subscribers in 20 days over the new year.

The low-cost cinema subscription service now has 1.5 million users, having reached the one-million milestone as recently as December 20.

MoviePass has seen a phenomenal 7,400-per-cent rise in its userbase in the five months since Helios and Matheson Analytics became its majority shareholder and began offering a $9.95-per-month (£7.40/€8.30) unlimited cinema package.

From 20,000 subscribers in August, it leapt to 150,000 in a week before hitting 600,000 in late October.

“MoviePass is attracting people back to the movie theatres by lowering their cost, which we believe is transformational for the industry,” said Ted Farnsworth, chairman and chief executive officer of Helios and Matheson.

“We believe the data MoviePass collects from these million and a half movie-goers will become an important asset to our partners and the future of the movie industry.”

MoviePass pays most theatres full price for the tickets bought through its app. The average price in the US is $8.93, which means the company is making a loss as soon as subscribers attend two films.

However, the company hopes to add more deals in the future with exhibitors to get discounted tickets in exchange for promotion, and using its data to help market movies.

While cinemas have been unreceptive to MoviePass’ cut-price offer, recent data that showed movie attendances were at a 25-year low in 2017 may make them warm to innovative plans for a revival.

Mitch Lowe, chief executive of MoviePass, said: “Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly. We’re giving people a reason to go back to the movie theatres and they’re going in droves. With awards season here, we hope we can make Hollywood and exhibitors very happy by filling seats with eager audiences.”