With theaters being shuttered over the past two years, the wildly popular subscription service MoviePass fizzled out, becoming almost redundant during the pandemic. But, according to co-founder Stacy Spikes, the determination to bring it back has come to fruition.
MoviePass will return this summer, two years after the onset of the coronavirus pandemic. “A lot of people lost money, a lot of people lost trust,” Spikes said, claiming he was among those who were hurt by the company’s mismanagement.
During the opening moments of the Thursday event, Spikes oscillated between addressing the disappointment of being pushed out of his company, joking about MoviePass’ loyal consumers, as well as its power users, who Spikes cracked are the reason the company went out of business — and finally, the process of snapping the company back after its parent company went bankrupt in 2020.
“We’re looking at this from another point of view,” Spikes said of the company’s relaunch, adding that he now plans to run the business like a “co-op.” Spikes added that MoviePass users will be able to hold partial ownership of the company, with its most premium tier inclusive of a lifetime subscription.
The company’s original engineering team is returning for the business’s relaunch, according to Spikes, and the service will launch this summer. Under the new model, MoviePass will run on tradable credits that roll over month to month. Subscribers will also be able to use their credits to bring a friend, a markedly different approach from the single-user card system that MoviePass used previously, which could prove annoying for non-cardholders.
MoviePass 2.0 will also work on a tiered system, Spikes said. Spikes shared images of a beta version of the new app and the credit-based system, which will vary based on things like peak moviegoing hours.
Spikes told attendees at the event that MoviePass’ most loyal fans will be “deputized” to beta users and will be able to use the experience for its first year for free. At some point during the summer, these users will be contacted about the beta programming.