MoviePass is returning, and will be backed by virtual currency

[Shawn Knight]

Editor's take: MoviePass, the mobile ticketing service that allowed subscribers to watch one flick per day at any theater in the US for just $9.95 per month, is making a comeback. The most interesting aspect of the reboot is the use of Web 3 tech and virtual currency, which if done right, could provide the blueprint for other businesses to successfully mimic.

The company attempted to modify its terms to stay afloat – for example, by introducing surge pricing, limiting tickets to just three per month and limiting access to first run blockbusters, but the damage was already done.

Eventually, MoviePass and its parent company filed for Chapter 7 bankruptcy protection.

Nearly two years later, however, the company’s co-founder, Stacy Spikes, purchased MoviePass out of bankruptcy and is now staging a reboot.

MoviePass 2.0 will utilize a type of virtual currency that can be used as credits. Spikes in a recent presentation said credits can be rolled over, used to bring a friend along with you and are even tradable since the whole thing is being built on Web 3 technology. Does tradable mean sellable, like an NFT or traditional cryptocurrency?

Movies will have different prices based on if you choose to view during peak or off-peak hours. The new MoviePass will also offer tiered plans, but Spikes stopped short of expanding on potential pricing or available tiers.

Another aspect of MoviePass 2.0 is called PreShow. Inside the MoviePass app, users can volunteer to watch advertisements or movie trailers and earn credits for the screen time. PreShow actually watches your eyes to make sure you are engaged with the content, and you can even interact with the brands and products being presented to earn additional credits.

MoviePass 2.0 is expected to launch sometime this summer.

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https://www.techspot.com/news/93365-moviepass-returning-backed-virtual-currency.html

 

[ZackL04]

Lets see the details.

With 2 young kids, I’d like to take advantage of something like this. Getting out of the house for movies with popcorn and candy is something we enjoy. If I can save some money, thats a win in my eyes.

 

[wiyosaya]

Somehow, crapto is going to make this a sustainable venture now?

 

[QuantumPhysics]

Craptocurrency is so ridiculously volatile, one must wonder how will the prices of a ticket vary from one week to the next?

All craptocurrency is based on how many USD (in America) you can buy with it.

 

[Bl00dyMinded]

The gate is now open for the crypto haters to come in.

 

[captaincranky]

The gate is now open for the crypto haters to come in.

It's hard to imagine this as anything other than a rehash of an unsustainable business model, this time with play money.

The only question is, how much are the salaries the operators are going to skim off the "top",this time?.

 

[SilentMajority]

Been a long time subscriber and looking at our usage history, we actually saved more than half the ticket cost. we averaged going to the movies once a week.

 

[BadThad]

Most likely doomed to fail! When one BR is just not enough for some.

 

[captaincranky]

Most likely doomed to fail! When one BR is just not enough for some.

For we normal mortals, Chapter 7 is limited to once every 7 years. This time, they'll probably abscond with the "money", and head to a country with no extradition treaty with the US.

 

[ZedRM]

Didn't use it then, won't use it ever.. Bye-bye MoviePass...

 

[umbala]

The gate is now open for the crypto haters to come in.

...and the tumbleweeds start rolling across the hall. This crapto "venture" will fail spectacularly.

 

[umbala]

So their business model is like telling someone they can have unlimited all you can eat buffet every day for only $10/month, but then expect people NOT to abuse it every day. This is a sustainable business model how exactly?

They're going to fail exactly the same way as they did last time or they will make the whole thing so restrictive that most people won't bother. Either way, this can't possibly succeed.

 

[Dimitrios]

This could work lol. Look who banked off of COVID. I'm curious if the company timed it if they would be in the green since the country wasn't allowed to go to public area's during that time frame.