For $10 a month, any movie, any theater, whenever you want.
At one point, this was a sales pitch for subscription service MoviePass, and millions signed up.
Well, if that sounds too good, it’s because it was. The company ran out of millions of dollars and went bankrupt in 2020. But now it’s back, and CEO and co-founder Stacy Spikes says it’s different this time.
First, there is a tiered pricing system this time, and credits are involved.
Prices vary slightly by location, but are generally $10, $20, or $30. Each price comes with credits you can spend on movies each month.
“So if you only want to go on Friday nights during the opening weekend, you’ll probably use the maximum number of credits given the peak and off-peak rates,” Spikes says. Let’s say you have no problem going to see that movie on Monday, Tuesday, or Wednesday nights, and you can use far fewer credits because theaters are more open to allowing lower prices.”
Isn’t MoviePass losing money again?
Spikes said the company has also changed its business model.
He said one of the reasons the old MoviePass failed was because it paid full price for the tickets it was offering subscribers. This time, MoviePass has struck deals with theaters.
“Even before launch, we have negotiated partnerships with over 25% of all theaters. Excluding AMC, Regal and Cinemark, we have 40% market share outside the big three,” he said. .
Do those big theaters have their own subscription services?
Yes, some do. Spikes is hopeful that MoviePass subscribers want to mix up their movie viewing experience.
“What we’ve found is that consumers tend to go to three to four different theaters over the course of a year,” he said. “So we have summer blockbuster theater. We have arthouse theater. And what we find is that moviegoers love variety.
He said that people who live in places that only have AMC or Regal theaters won’t subscribe to MoviePass. “But if you want the freedom to go anywhere and find the same value, you want something like MoviePass.”
do people have money?
Movie attendance has plummeted during the coronavirus pandemic as people avoid indoor gatherings, and it has not returned to pre-pandemic levels as many feel pressured cost of living and high inflation. Hmm.
Still, Spikes is confident people will come.
“People like to get away. It’s still the cheapest form of entertainment out of the home,” he said. We need more tickets, so I think it’s a great time to start again.”
when does it start?
MoviePass invites people to join the waiting list on the website, which opens until 11:59 pm ET on August 29th.
According to the company’s website, MoviePass will be rolled out in stages across the United States “around” September 5, once the waiting list is complete.
About 463,000 people signed up in the first 24 hours, according to Insider. This included 30,000 signups in the first five minutes, which crashed MoviePass’ servers.
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