This week, MoviePass announced that it had completed a new seed round of investment, led by Animoca Brands, a Hong Kong-based company with a background in video game software, blockchain, and venture capital. After its spectacular crash in 2019 and bankruptcy in 2020, a new version of the movie subscription company was reborn earlier this year, with its founder Stacey Spikes brought back in the role of CEO and chief spokesman for the new company.
A “beta” version of the new service is now available in ten U.S. cities, with a nationwide rollout planned for later in the year or early next year. The new offering allows subscribers to earn “movie credits” for a monthly fee of $10, $20, or $30, which can then be redeemed for movie tickets at most cinemas in those cities.
The new funding will allow the company to operate while it validates its new business model and waits for the full recovery of the theatrical market. “The markets are crazy, and we didn’t want to go out there and get crushed,” says Spikes. “We got what we needed. I would rather do a big raise in the 2023 window after a much better slate of content.”
It is worth noting many exhibitors have stepped in with their subscription service since MoviePass flamed out in 2019. For example, AMC, Regal, Cinemark, and other top exhibitors now offer monthly subscription plans for a flat monthly charge.
See also: I pay $30 a month for a ‘season pass’ to a dine-in theater chain that is strict about not talking and texting, because I can’t stand the experience at normal theaters anymore (Business Insider)