Science & Technology

Is MoviePass really resurrected from death?

You may remember the original MoviePass, a popular movie ticket subscription service. With shutter Dramatically in 2019 among multiple scandals.

But are you ready for the sequel?

insider The company’s co-founder, Stacey Spikes, reported Thursday that it had regained ownership of MoviePass and paid a private amount to buy from bankruptcy. To summarize how we got there, the service was originally launched under Spikes 10 years ago, giving customers the opportunity to check multiple movies in theaters every month for a set price. The company’s first foray into this model offered unlimited movies for $ 50 each month. CNET That said, we quickly switched to a location-based cost sliding scale (between $ 24.99 and $ 39.99 per month). Then, in 2017, Helios and Matheson Analytics purchased a majority stake in the company, shifting their business model to a low flat rate of $ 10 per month and accessing one movie per day.In some markets like New York City, It was cheaper than paying for a single regular movie ticket.

By 2018, Spike had been fired and subscriptions surged from tens of thousands to 3 million. insider..

However, this model turned out to be unsustainable, and the company struggled to be publicly financially floating.according to The VergeThe hope of partnering with the theater to cut money has leveled off, and MoviePass has lost money to “virtually every customer.”Survey from Federal Trade Commission The FTC later discovered that the Federal Trade Commission called the MoviePass model a “double feature of deception” in an attempt to prevent customers from going to the movies in an attempt to stop this loss. The “load blocking” tactic in question involved invalidating the passwords of the thousands of most active subscribers, falsely claiming that there was “suspicious activity or potential fraud.”

[Related: 7 tools to make streaming simpler, smarter, and more fun]

MoviePass settled with FTC this summer, a year after declaring bankruptcy and two years after suspending subscription services. Its famous collapse has since become entertainment itself. deadline Earlier this year, Mark Wahlberg’s production company announced that it was working on a documentary series about it.

Spikes claims that the basic idea behind the business is sound. insider: “We are excited to get it back and are looking for the possibility of an immediate restart. Our pursuit to get the brand back is due to continued interest from the movie fan community. Promoted. When done properly, we believe that theater subscriptions can help take movie-watching participants to new heights. “

The movie landscape that MoviePass is about to return to is, of course, quite different from that of 2011. Not recovered yet From the pre-pandemic era.There is also an incredible rise in Streaming service Consider.And as Engadget Several cinemas, such as Legal Cinema, AMC, and Alamo Draft House, have launched their own subscription services, which can complicate access to these chains of MoviePass.

Still, for those who are interested in checking out MoviePass’s next action, you can sign up to receive email updates from the company’s new Website..

Is MoviePass really resurrected from death? Is MoviePass really resurrected from death?

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