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.