The resurrection of Moviepass will bring another movie subscription service to the market, but if customers fail to file for bankruptcy in 2019, there is no guarantee that the company will succeed for the second time.
On Monday, bankruptcy The judge approves the sale Stacy Spikes, the original co-founder of Moviepass. After regaining ownership of the company, Spikes mocked the possibility of restarting the subscription service.
“I can confirm that we acquired MoviePass from bankruptcy on Wednesday,” Spikes Said in a statement.
“We are very happy to get it back and are exploring the possibility of restarting as soon as possible. The continued interest in the film industry has encouraged our efforts to re-establish the brand. We believe that if done well, cinema subscriptions can increase the number of movie viewers. Play an important role in elevating to new heights.”
However, because subscribers are “vigilant” about the company’s past inconsistencies and eventual failures, it may be difficult to succeed a second time.
Movie pass Launched in 2017, it provides customers with a movie pass every day, hoping that subscribers will not often use their subscription. Unfortunately for the company, subscribers often use their passes, resulting in business losses.
To make up for lost profits, MoviePass often changes subscription terms, including reducing the number of movies that can be watched in a month.
The company went from 3 million subscribers to 225,000 in 2019 and was forced to disband.
Cinemas are now trying to attract customers after closing during the peak of the pandemic. Many cinemas offer similar subscription services and offer more concessions, including franchise discounts.
Jeff Bok, a senior analyst at Exhibitor Relations, believes that the diversity of competitors’ subscriptions may cause customers to abandon MoviePass.
“AMC A-List emerged from the ashes of the movie pass and has become indispensable for many avid moviegoers,” explained Bock.
“Considering the numerous problems encountered by MoviePass cardholders, it is difficult to attract current subscribers. I am not saying that it won’t work, but many potential subscribers will be very wary of this sequel.”
Bock believes that although subscription services help box office success Movie pass If the company is to survive in the long term, it needs to develop a “better business plan.”
The date of MoviePass’s restart has not yet been announced, but there is a new website, iwantmoviepass.com, Allow customers to submit their emails to receive official announcement notices.
Photo: Daniel Boczarski/Getty Images for MoviePass
