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MoviePass, a service that previously failed disastrously to offer discounted movie theater tickets, is making a comeback with new cryptocurrency backers and plans to help fund movie productions.
At least cryptocurrency seemed like a good idea. MoviePass launched as a service in his 2011, and every movie ticket purchased cost more than the company could make.
The CEO at the time apparently told the company that he tracked users before and after movie theaters, so there was the question of how they were going to make money. I told you.
As the company worked to become a dominant force in the market, it was looking to put a loss on the chin. lost.
It closed in 2019 and MoviePass’ then-parent company HMNY filed for bankruptcy in 2020. MoviePass co-founder Stacy Spikes was reportedly fired from the company in 2018. was authorized by the bankruptcy judge to purchase the company.
Then, in August 2022, Spikes would resume service and begin beta testing in several cities, including Chicago.according to now financial timesMoviePass is looking to expand with the backing of funders led by Animoca Brands, a Hong Kong-based cryptocurrency company.
The future of MoviePass
“MoviePass has a strong vision for technology in the entertainment space,” said Yat Siu, co-founder of Animoca Brands. It shows our commitment to
Animoca Brands was founded in 2014 as a gaming and venture capital joint venture. After that, he developed a blockchain service and executed transactions on NFTs.
Most recently, in early 2023, the company was reported to have raised $1 billion for its Metaverse investment fund.
Before the first iteration ended, MoviePass had begun creating a more viable business model. This new version hopes to expand, so it will eventually help fund film production.
The company continued, “It will increase traffic to theaters, engage audiences with an enhanced cinematic experience, connect the characters of studios and their franchises with moviegoers, and make funding more accessible to aspiring filmmakers.” With an initiative for , MoviePass is the future of cinema.”
MoviePass has not announced plans for a nationwide rollout. However, it says it will broadly offer subscription tiers starting at $10/month.