MoviePass rises from its grave and launches a beta version of its upcoming movie subscription service on Labor Day 2022, which takes place on September 5.
Exact details on how the new service will work are still scarce at the time of this writing. According to the official website (opens in a new tab), this next version of MoviePass will have three different price tiers: €10, €20, and €30. Each tier will offer a certain number of credits per month that can be used to watch a movie in theaters.
It looks like the service will start with a limited US release. MoviePass says on the FAQ page that their service won't be available to everyone in the country, but instead will be released in waves. Implementation will be determined based on the level of engagement MoviePass achieved during its initial launch and partner theater locations. And every time the service enters a new market, users receive an email notifying them of the upcoming launch.
beta waiting list
Regarding availability, the FAQ page says that the service will work with "all major theaters that accept major credit cards...". A recent Business Insider report (opens in a new tab) reveals that beta users can order movie tickets through the app or get the new black card (opens in a new tab) in the mail that will serve as ticket. People can use this card at any "MasterCard-accepting counter."
Those interested can sign up for the beta waiting list which opens Thursday, August 25 (opens in a new tab) at 9am EST. It is on a first-come, first-served basis and registration is free, but the number of places is limited. The registration window will remain online until Monday, August 29 at 11:59 pm The lucky few who are selected can invite another 10 people to become members. Plus, former MoviePass members will get free credits added to their accounts.
While the new MoviePass sounds great, we have a lot of questions. We contacted the company and asked where exactly the service will be launched for the first time and for more details on how the credit system works. We also talked about the possibility of cryptocurrency integration.
This version of MoviePass was first revealed in February 2022, and when it was initially announced, co-founder Stacy Spikes said that the service would be built on "a Web3 framework." For those who don't know, Web3 is the idea of a new version of the Internet that incorporates aspects of blockchain technology and cryptocurrencies. Needless to say, this framework received a lot of rave reviews.
According to an Engadget report (opens in a new tab), MoviePass will have a "virtual currency of sorts." This story will be updated if we hear from them.
Analysis: bad timing
Truth be told, we're skeptical of this new MoviePass and it's not because of the possibility of Web3 integration.
The company has quite the checkered past. The old MoviePass offered a €9,95 monthly plan that attracted three million subscribers at its peak, but failed to generate enough profit for investors despite initial promises, according to a Forbes report (opens in a new tab). This led to the company being investigated by the "New York Attorney General for allegedly misleading investors about financial viability. On top of that, MoviePass suffered a data breach in 2020 after thousands of credit card numbers were left behind." on an unsecured server that did not have password protection.
Assuming MoviePass can still be trusted, the movie industry is in a truly strange situation right now. A survey of moviegoers by Morning Consult (opens in a new tab) found that movie theater attendance remains fairly low in the United States.
Rising ticket prices and the availability of streaming services mean that theaters are often not the first choice for movie-consuming audiences. Regal Cinemas, one of the largest movie theater chains in the United States, recently announced that it may have to file for bankruptcy (opens in a new tab) due to being crippled by debt.
With this oddly timed effort, MoviePass can be credited with a near-successful staging (no pun intended). Good luck serving. Let's hope we don't see another closure like in 2019.
If you're a big movie buff, TechRadar recently updated its list of new 2022 movies for the last four months of the year.