Stacy Spikes, one of the original co-founders of the infamous movie ticket subscription service MoviePass, has successfully bought back the company from bankruptcy.
MoviePass launched in 2011, but it wasn’t until 2017 when it sold a majority stake to Helios and Matheson Analytics and subsequently dropped its monthly subscription fee to just $10 per month that it made headlines. The discount saw the company offering customers as many movies in a month as they wanted for less than the price of a single ticket in some markets.
What followed was headline-making chaos as the service’s popularity grew rapidly and the company lost money hand over fist, even with attempts to limit tickets and blackout popular films. Within two years the service shut down, while major theater chains like AMC and Alamo Drafthouse began offering their own more expensive and more sustainable services.
Spikes gave a statement to Business Insider confirming MoviePass has been acquired out of bankruptcy hopes to relaunch the company.
“We are thrilled to have it back and are exploring the possibility of relaunching soon. Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights.”
Should it return, it’s likely the service will not offer the kind of deals that led to its demise again.
Source: The Verge
