AMC Entertainment CEO Adam Aron said Wednesday that big moviegoers are willing to shell out cash for the company's new subscription service over cheaper options due to its immense value.
The movie theater operator last month announced AMC Stubs A-List, which allows consumers to see up to three movies per week for about $20 a month. The service includes Imax and 3D films.
Aron, former CEO of Starwood Hotels & Resorts Worldwide, said that since the launch, 175,000 people have already signed up. He expects there will be 185,000 customers by the end of Wednesday.
"We are just stunned at the consumer response," Aron said in an interview with CNBC's "Closing Bell." "They are signing up in big numbers and it's because the value for consumers is so good."
The subscription service comes as cheaper rival MoviePass, the subscription-based movie ticket service, has been seeking to limit losses by hiking its monthly fees.