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Any movie, any theater, any time you want, for $10 a month.
At one point, it was a promotion for the subscription service MoviePass, and millions signed up.
Now, if this all sounds too good to be true, that’s because it was. company Burned through millions of dollars And he went bankrupt in 2020. But now he’s back, and CEO and co-founder Stacey Spikes says this time will be different.
What has changed?
For starters, there will be a tiered rate system this time around, and credits will be included.
Prices vary slightly by location, but generally prices will be $10, $20, and $30. Each price comes with credits to be used in movies each month.
“So if I only wanted to go on the Friday night of opening weekend, I’d probably use the maximum credits, if you’re thinking about peak and off-peak prices,” Spikes said. “But let’s say I have no problem going to see this movie a few days later on Monday, Tuesday, Wednesday night. I can use a lot fewer credits because theaters are more open to allow for a lower price.”
Won’t MoviePass lose money again?
Spikes says the company has changed its business model, too.
Part of the reason the old MoviePass failed, he said, was that it was paying full price for the tickets it was offering to its subscribers. This time, MoviePass has negotiated deals with theaters.
“Even before launch, we negotiated partnerships with more than 25% of all theaters,” he said. “If you take out AMC, Regal and Cinemark, we’ve got 40% market share outside of the big three.”
Don’t those big theaters have their own subscription services?
Yes, some do. Spikes relies on MoviePass subscribers who want to shuffle their movies.
“What we found is that the consumer tends to go to three to four different movie theaters throughout the year,” he said. “So you’ll have popular summer theaters. You’ll have your own art house theaters. And that’s how we found that moviegoers love variety.”
He said if people lived somewhere that only had an AMC or Regal theater, they wouldn’t sign up for MoviePass. “But if you want the freedom to go anywhere you want and find the same value, you want something like MoviePass.”
Do people have money?
Movie attendance has exploded during the coronavirus pandemic as people avoid indoor gatherings, and numbers are no longer returning to pre-pandemic levels, with many feeling the pressures of living and rising inflation.
However, Spikes is confident that people will come.
“People love to escape,” he said. “This is still the least expensive form of outdoor entertainment ever.” “Going to a sporting event or a Broadway play or the opera is still a $100-plus ticket. So we think it’s a great time to start over.”
when will you start?
MoviePass asks people to join Waiting list on their websiteIt will be open until August 29 at 11:59 p.m. ET.
Once the queue closes, MoviePass will roll out in waves across the United States, beginning “or around” September 5, according to the company’s website, with sites based on queue sharing at each participating location and theater locations.
About 463,000 people signed up in the first 24 hours, According to Insider. This included 30,000 sign-ups in the first five minutes, causing the MoviePass server to crash.
Patrick Wood adapted this for the web.