MoviePass, a popular subscription service, crashed and burned two years ago. But its co-founderk, Stacy Spikes, wants to make a comeback, and MoviePass will officially return this year.
MoviePass is Back
Helios and Matheson Analytics bought MoviePass back in 2018. It held its launch event on Feb. 10 at the Walter Reader Theater Lincoln Center in New York City, according to The Wire.
Spikes started by wasting no time addressing the issue, which was how Helios and Matheson Analytics managed to blow the entire partnership with MoviePass shortly after the firm bought the startup, which became famous for offering subscribers unlimited movie tickets monthly.
Spikes said that a lot of users lost money when the firm went bankrupt and the public lost trust. He claimed he was among those who were affect by the company's mismanagement, according to The Wrap.
Read also: MoviePass Update: New Plan Only Lets You See 3 Films Per Month, With Limited Daily Selection
During the opening moments of the event, Spikes oscillated between addressing the disappointment of being kicked out of his company, talked about MoviePass' loyal consumers, and the process of snapping the company after its parent company went bankrupt in 2020.
Spikes said that they are looking at the company's relaunch from another point of view. He added that he now plans to run the businesses like a co-op.
Spikes added that MoviePass users will be able to hold partial ownership of the company, with its most premium feature included in its lifetime subscription.
Revival of Cinema
Spike had hyped the relaunch under his new vision, in which he said that will be powered by web3 technology. He said that moviegoing and cinema are not going anywhere.
The company's original engineering team is returning for the relaunch, and the service will launch this year.
According to Spikes, under the new model, MoviePass will run on credits that roll over monthly.
Subscribers will also be able to use their credits to bring someone else, a markedly different approach from the single-user card system that the company used previously, which could prove annoying for non-cardholders.
The new MoviePass will work on a tiered system, Spikes said. He shared images of a beta version of the new app and the credit-based system, which will vary based on things like peak moviegoing hours.
MoviePass' ambitions for subscribers may not be realistic, as Spikes wants to get 30% of the moviegoer market by 2030.
The company will incorporate aspects of Spikes' existing business, PreShow, which is a technology that has been used to let gamers to trade ad views for in-game currency.
The way that PreShow works, is that users, will have to view the ad, and it tracks whether your attention is trained on your phone.
As soon as users complete the PreShow, they will be awarded credits that can then be used to buy tickets through the MoviePass platform.
MoviePass works by reimbursing the theater for the ticket's total cost, and the cost depends on where you were in the United States and the time of the day.
The ticket could be as low as $9, but it can shoot up to $17 in places like New York, according to IndieWire.
Every month, MoviePass will charge you a subscription fee of $10.
This article is owned by Tech Times
Written by Sophie Webster
