Two years after it went down in flames, movie ticketing subscription service MoviePass is set to return with co-founder Stacy Spikes setting a Summer release window for the service’s relaunch.
Spikes was fired from the company in 2018 after it was acquired by Helios and Matheson Analytics and after raising concerns about the sustainability of the service’s new plans. He turned out to be right with the infamous unlimited movie tickets for a small monthly fee deal quickly leading to the company’s demise.
Spikes recently bought back the company and held a launch event yesterday in New York where he hyped the relaunch. Said to be “powered by web3 technology,” the company’s original engineering team is also returning for the new ‘cooperative’ service.
Under the new model, MoviePass will work on a tiered system and will run on tradable credits that roll over month to month. The number of credits needed to see a movie will change depending on the time of day.
Subscribers will also be able to use their credits to bring a friend or family member. Spikes is reportedly targeting 30% of the moviegoer market by 2030. More details are expected closer to potential release including potential pricing.
Source: The Verge
