MoviePass Sets Return This Summer With Tiered Pricing And Crowdfunding
11.02.2022 - 00:49
/ deadline.com
MoviePass, whose spectacular fall ended in bankruptcy two years ago, is planning to return in a new incarnation this summer.
Stacey Spikes, the former studio marketer who co-founded MoviePass, only to be ousted as its CEO, detailed plans during a press conference at Lincoln Center’s Walter Reade Theatre. He and his business partners acquired the brand out of bankruptcy and have hired a number of former employees, including engineers.
Pricing, a key variable, was not confirmed during the 40-minute presentation. The service will now have variable tiers of pricing.
During Spikes’ initial run, MoviePass developed a devoted following, with much of its focus on the specialty business. It accounted for 4% of the total box office. Once it was acquired by analytics firm Helios & Matheson and backed by venture capital, the bar was raised higher, with management at that point deciding to offer unlimited movies for $10 a month.
In 2018, when MoviePass started to hit turbulence, major titles like Mission: Impossible – Fallout experienced such heavy demand that it essentially overloaded the circuitry. The company was unable to fulfill customer orders. As Spikes noted, “A lot of people lost money and a lot of people lost trust.”
Other new elements include a piece of the company being available for purchase by avid subscribers of MoviePass, of which there were some 3 million at the time it shut down. The new version of the company will have web3 capability, he said, and enhanced functionality for exhibitors, who are able to sign up at no charge to be a partner location.
In a series of photographs of theaters the company plans to partner with, Spikes showed an Alamo Drafthouse and a number of modern specialty locations. Left unsaid was the