MoviePass once promised to be the next big thing for watching films.
The basic pitch was to pay a monthly subscription, and be free to watch whatever films you wanted.
That idea quickly ran into trouble, and the company collapsed in 2019.
Now, in the year of our lord 2022, MoviePass will be relaunching their subscription service once again.
MoviePass is Relaunching in September
According to Business Insider, the relaunch will begin this week with select users on a waitlist.
Those users will beta test the new service after Labor Day.
While prices may vary based on location, MoviePass estimates that each of the three price-tiers will range between $10 and $30 per month.
That cost will give you a certain number of credits to see films each month – and yeah, there’s no unlimited tier this time around.
The Rise and Fall of MoviePass
In an email sent to subscribers, Stacy Spikes, cofounder and new owner of the company explained why things went haywire:
For those of you who don’t know, MoviePass was sold back in 2017 to a private equity group, and due to mismanagement, subsequently closed its doors.
That private equity group, HMNY, pitched the company as “$10 a month to see a movie a day.”
The company’s meteoric rise in subscriptions became increasingly difficult to handle.
As Business Insider explains, when Spikes raised the alarm about the sustainability of the plan, he was forced out in 2018.
The company subsequently was delisted from the NASDAQ in 2019, filed for bankruptcy, and settled a lawsuit with the FTC.
The New Plan
Last year I, one of the original Founders, bought the company back with the plan to relaunch it.
Under the new plan, MoviePass says they’ve partnered with 25% of US Theater companies.
You’d purchase your movie tickets through their app, or use the MoviePass card at participating theaters.