Moviepass 2.0 is currently working to bring its service to the United States in hopes of increasing subscribers once more.
Formerly, the service allows customers to view one film per day for a regular price of $10. Unfortunately, the business intensified losses due to high pricing, and it was eventually shut down.
Moviepass wants cinephiles to give it another chance after Moviepass co-founder Stacy Spikes bought the company in bankruptcy last year.
The beta version of its revamped subscription model is to be released in early September in select markets for a select group of subscribers.
The offer is good enough, but it is more conservative for the organization in the long run. MoviePass’s offer is better for the sustainability of the company.
What Happened to Moviepass?
Moviepass’ significant setback began in 2016 when it lowered its monthly subscription price to 9.95 dollars, according to Cory Angert, a visiting assistant professor of management at the University of Houston-Downtown.
Moviepass’ extremely high subscription prices failed to yield profit, so the company closed in 2019 and filed for bankruptcy in 2020.
The company’s troubles drew interest from the Federal Trade Commission in 2021 and a lawsuit in 2019.
Everything You Need To Know About Moviepass 2.0
The online waiting list for the new Moviepass closed late Monday. The beta service can be accessed only by invitation, and subscribers can collect movie tickets with their credits.
The company’s website states the beta release is anticipated in many cities within or close to Labor Day, typically a slow weekend for movie theaters. Other cities will follow shortly thereafter.
How Much Will You Pay For Moviepass’s New Subscription Plans
In contrast to the subscription model used by Moviepass, there will be three tiers of pricing, according to their website.
Prices will reflect regional differences and will gain up to $10, $20, and $30, each level offering a certain number of credits with which users can purchase movie tickets.
The original $10-a-month service model won’t be as good in this next round
But maybe it will be more profitable for the company. Credits are also rolled over to the following month or traded, Archie Spikes, you will notice again as CEO, said in February.
Which Theaters Will Accept Moviepass?
A Moviepass subscription provides access to theaters across the U.S. that accepts major credit cards. The business allegedly appears much more closely to work with theaters at the moment.
In an interview with NPR earlier this month, Black Panther director Ryan Coogler disclosed that Moviepass is negotiating with theaters for lower prices, as opposed to paying full price.
Movies do face an uphill battle, but all of these theater chains seem to be struggling and the more desperate they become and the direr the circumstances become, the more willing they might be to come to the table.
How Is This Different From AMC’s A-List Pass Or Regal Unlimited?
AMC Stubs A-List offers free online reservations for up to three movies per week with no blackout dates. Prices vary by location but range between $19.95 and $23.95 per month.
Regal’s subscription plan, Regal Unlimited, offers unlimited movies with three tiers based on theater location starting at $18 per month plus tax. The Cinemark Movie Club offers one 2D adult ticket for any movie for $9.99 per month.
Moviepass sets itself apart by working with multiple theater chains, but Angert said that alone may not be enough to get customers interested.
What could make it stand out is its credit system, which lets subscribers earn more credits by watching targeted ads.
Will Movie Pass Use Eye Tracking?
Spikes said the new Moviepass app will allow users to watch ads to earn more credits. If the user looks away from the ad, the video pauses.
“Your device uses your own facial detection” while the ads play, Spikes said. “It basically creates a transaction between you and the brand.”
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Another Monthly Subscription Could Be A ‘Big Ask’
While theaters have seen success with blockbuster hits like “Top Gun: Maverick” this summer, many theater-goers have yet to return in pre-pandemic numbers.
Cineworld Group PLC, which owns Regal Cinemas, said earlier this month it’s considering filing for Chapter 11 bankruptcy protection in the U.S. as it struggles to fill seats.
“Having a lot of open seats on certain days of the week before it might have been more of an annoyance for the movie operators”. Now, they could use every single dollar of revenue they can get.”
Moviepass could help fill those seats, especially now that more customers are feeling comfortable in movie theaters.
But it also faces risks of relaunching in 2022. Consumers are cutting back spending on certain expenses (including subscription services like Netflix) as inflation lingers near 40-year highs. Read more articles on daily rewards.