MoviePass Subscription Program May Be Returning: 'Exploring the Possibility of Relaunching Soon'

Virginia Chamlee
·2 min read
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Movie theater subscription service MoviePass — which became a smash hit for offering customers one free film a day for a flat fee of $9.95 a month before it collapsed in 2020 — might soon be back.

Business Insider reports that earlier this month, MoviePass cofounder Stacy Spikes was approved ownership of the company by a New York bankruptcy court judge.

In a statement to the outlet, Spikes confirmed the news, saying, "We are thrilled to have it back and are exploring the possibility of relaunching soon."

Spikes continued: "Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights."

Spikes originally co-founded the company in 2011, though it was acquired by data analytics firm HMNY in 2017 as it struggled to stay afloat.

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Under HMNY's ownership, MoviePass boomed, thanks to a $10-per-month subscription service, which allowed subscribers to see one movie in a theater every day.

According to Business Insider, within two days of launching the $10-per-month package, MoviePass subscriptions went from 20,000 to 100,000, and to more than 3 million in less than a year.

With the rapid expansion came sustainability issues, however, and MoviePass fell deep into debt, filing for bankruptcy in 2020. According to the bankruptcy filing, the company was at the time facing investigations by the FTC and SEC, as well as investigations in California and New York.

Spikes — who was fired from the company in 2018, after it was acquired by HMNY — has been vocal that the company will not repeat the mistakes of the past in its new iteration.

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In unveiling a new version of MoviePass, the company will have to contend with an audience that's grown accustomed to watching films via streaming services during the COVID-19 pandemic, which saw theaters incredibly hard-hit.

Movie theater box office sales have improved in recent months, though 2021 sales still 2019′s by some 70%, according to Comscore data cited by CNBC.

A new website for the company includes a mailing-list signup for updates on when the new version of the service launches.