We had an odd situation earlier this year regarding the defunct movie theater subscription service MoviePass. It looked like the service, which ended in 2019, maybe coming back, it turned out an internet hoaxBut now, it appears that the return of MoviePass may actually be on the horizon. The brand has a new owner, which is actually an old owner, who wants to bring it back.
In 2011 one of the founders of MoviePass, Stacy Spikes, bought the bankrupt company from previous owners Helios and Matheson Analytics. The bankruptcy judge has officially approved the sale. in a statement to business Insider, Spikes has confirmed that they have acquired MoviePass and has been very open about their plans to restart the service down the road, saying…
Back in June of 2020 Helios and Matheson Analytics held a bankruptcy auction involving MoviePass, but there were no parties interested in the service at the time. The minimum bid for MoviePass in that auction was $250K. While it is unknown how much Stacy Spikes paid to retrieve MoviePass, it was apparently slightly less than the amount set at the auction.
Launched back in 2011, MoviePass was a subscription service that allowed users to pay a monthly fee, and then, using a special debit card app, buy an essentially unlimited number of movie tickets. In the summer of 2017, MoviePass reduced its monthly cost to $9.95, and the number of subscribers skyrocketed. However, this means users can get more out of the service than they can spend, even after watching only a couple of movies per month, it was not sustainable,
moviepass passed many changes To try and save myself in a very short time. This started limiting what movies people could watch, and how often they could watch them. Eventually the company couldn’t stay on top of the water and shutdown,
Certainly, based on the fact that so many people took advantage of MoviePass, there is interest in it. If Stacy Spikes can find a way to work MoviePass where it’s still a good deal for users, a profitable endeavor for the company, and something that theaters don’t hate, then it’s a good one for everyone. There will be victory.
Of course, now most major chains have their own MoviePass-like alternativesSo maybe that ship has sailed. Any new MoviePass will compete with existing programs, so it can be tough to get theaters on board. At the same time, as Stacy Spikes says, with the theatrical presence she once wasn’t, a well-constructed MoviePass can help with attendance overall, and all theatrical venues would love to see that.
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