The return of MoviePass is a story for the ages.
The site is going from bankruptcy to bringing in thousands of users on its waitlist who are anxiously awaiting its comeback.
Although the platform — which has been dubbed as “one of the industry’s most notorious flops” by CNN — is on a mission to rise from the ashes after its quick downfall.
When the movie ticketing service was launched in 2017, it became a fan favorite. However, just two years later the company filed for bankruptcy. Then, according to CNN Business, the company’s co-founder successfully purchased MoviePass out of debt.
Stacy Spikes helped to launch the company prior to his non-voluntary exit in 2018 when it was sold to the now-defunct analytics firm Helios and Matheson.
“A lot of people lost money, a lot of people lost trust,” said Spikes at the time of the incident.
As the saying goes, “time heals all wounds,” and he says the current relaunch is perfect timing.
“Now is a more exciting time where you want to get in the water,” said Spikes.
The summer box office alone thanks to films like “Top Gun: Maverick,” “Minions,” and “Thor: Love and Thunder,” are proof in the pudding.
What’s an even better testament is the fact that the latest launch was so successful that the MoviePass site crashed. Spikes revealed that 30,000 people signed up for the newly launched platform within the first five minutes. From there, the site was down for nearly two-and-a-half hours.
Now that the site is back up and running, MoviePass says it has had a total of 460,000 people sign up for its waitlist within 24 hours.
Out With The Old, In With The New
Under the latest model, users can set their own monthly prices ranging from $10 to $30, which is a lot different from its monthly unlimited plan of $10 per month.
The new tiers allow MoviePass subscribers to have control over the number of credits they can “cash in” to see movies. Gone, however, are the days of the unlimited viewing option.
“We’re really happy with people’s excitement about MoviePass coming back,” he expressed. “That shows the retention that the brand has and consumer excitement.”