AMC Entertainment Holdings Inc. (NYSE: AMC) has seen incredible success over the past few years in its loyalty program. Despite this announcement, shares were pulled down by market headwinds on Wednesday.

The movie theatre chain relaunched its AMC Stubs program back in the summer of 2016, and since then AMC has seen roughly 700% membership growth in this three-year period.

AMC now boasts more than 20 million AMC Stubs households, which works out to about more than 50 million people. According to AMC’s statistics, this is more than 50% of the U.S. movie-going clientele.

AMC Stubs had approximately 2.5 million members when the company relaunched the program in 2016. The significant membership growth has played a large role in the success of AMC’s marketing efforts in recent years.

Adam Aron, CEO and president of AMC Theatres, commented:

The meteoric rise of the AMC Stubs membership has created a program that benefits the entire movie-going ecosystem, from our guests who are enjoying the wonderful AMC Stubs program rewards, to our studio partners, who now have an exhibitor partner that can leverage movie-going data to market their films in a way that’s relevant and impactful, to of course AMC and our shareholders, who benefit greatly from the increased engagement of a massive consumer database.

Shares of AMC were down about 2.5% at $12.19 on Wednesday, in a 52-week range of $11.66 to $21.45. The consensus price target is $18.92.

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