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A few years back, a startup collapsed so dramatically that it would have made a great movie. It was MoviePass. Remember that firm? It offered unlimited cinema tickets for $40 to $50 a month.
The firm bought cinema tickets at retail prices and hoped that the large cinema chains would give them a discount or a percentage of concession stand profits as a result. However, that never happened. In a move that was widely considered to be rather crazy in the industry, MoviePass lowered its subscription price to $10 a month and membership skyrocketed to over three million users.
MoviePass was still covering the ticket costs, and pass holders took advantage of the incredible bargain. Because of this, MoviePass lost money with every ticket sold. Eventually, it drove itself into the ground.
It closed in nineteen twenty-one, but this tale has quite the come-back. Last week, a waitlist was opened. Do you know what that signifies? Next week, MoviePass will be relaunched for the first time in years. Its new version will employ a tiered pricing scheme, and users will be able to trade their credits from month to month.
Users will be able to bring friends with them to the movie theater for the first time, according to The Verge. This was previously not allowed by the old MoviePass. Stacey Spikes, the company’s cofounder, who was ousted in 2018 and regained the company last year, has a new perspective.
Users will, in the future, be able to own a portion of the firm, according to Spikes, who spoke at a launch event in January. The firm will operate more like a cooperative, in accordance with his words. After the company’s previous foibles, Spikes said that users would be able to hold partial ownership of the company and operate it as a coop.
Spike’s other firm pre show option, which enables viewers to acquire movie credits in exchange for watching advertisements, might not come as a surprise to anyone, but this technology is actually spookily accurate in identifying whether or not you have viewed the ad. As a result, all systems seem to be set to go for MoviePass’s relaunch.
The Motley Fool, who disagrees, says that while there is no platform equivalent to MoviePass, there are already existing cinema subscription services that are successful.
For example, AMC’s Stubs packages provide cinemagoers with three films a week for around $22. That’s a pretty good deal. In addition to that, the public, which includes cinemas, contributes money directly to AMC as patrons purchase concessions, which is something MoviePass cannot do.
Are people who are committed to local movie subscription services going to join MoviePass? It seems to be at a disadvantage there, to be honest. In the meantime, MoviePass is hoping that people will forget about its poor first act as they prepare for a fantastic finish.
What do you think of those movie services Let us know down in the comments.