MoviePass will be back in 2022 after it declared bankruptcy almost two years ago. The platform will make a comeback after the New York city court granted cofounder Stacy Spikes ownership of the company.
Spikes while talking to Insider said, “We are thrilled to have it back and are exploring the possibility of relaunching soon. Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, the theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights.”
According to Spikes, he bid under $250,000 for the company, though the assets don’t include customer data or email addresses. It is not yet clear if Spikes will introduce a new version of MoviePass, as of now though there’s a placeholder site for people to sign up for updates.
Spikes along with co-founder Hamet Watt created MoviePass in 2011. The platform offered monthly subscriptions which allowed subscribers to watch a certain number of movies in theaters each month. HMNY introduced a new pricing plan after buying MoviePass in 2017, which allowed members to watch a movie for just $10 a month.
The revamped business model skyrocketed MoviePass’s popularity, though the business model was unsustainable, leading to huge losses before collapsing.
Other theatre chains to follow the footsteps of MoviePass were Regal Cinemas, AMC and Alamo Drafthouse. They rolled out their own subscription plans over the last few years, though Alamo’s is on hold at the minute. MoviePass will face stiff competition from them and will have to develop better relationships with theaters this time around.
Stacy-Marie Ishmael of Bloomberg in a tweet said, MoviePass is now once again a Black-owned company, and if Spikes is able to revive it, MoviePass would become one of the more prominent Black-owned businesses in the US.