(Pocket-lint) – MoviePass might be resurrected soon. Stacy Spikes, the service’s co-founder, bought back the company out of bankruptcy, according to Insider.
Now, Spikes is reportedly hoping to relaunch the subscription service sometime in 2022. There are few details, but Spikes confirmed he acquired MoviePass and is exploring the next steps. “Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community”, Spikes said. “We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights”.
MoviePass was a movie ticket subscription service in the US that initially allowed you to watch a new film at the cinema every day for an entire month – for less than the price of a single movie ticket. And, yes, you could cancel your subscription at any time, just like you can do with Netflix.
It was truly an amazing deal, but one had to wonder: How did MoviePass do it?
Well, as it turns out, its business model was unsustainable. The company was losing money on nearly every customer and had to resort to tactics like blocking popular releases and limiting tickets before it shut down in 2019. Spikes supposedly protested the service’s low pricing strategy but was ultimately fired.
The thing is, a MoviePass-style theatre subscription can still work. After all, major cinema chains like AMC have begun offering similar services.
Writing by Maggie Tillman. Originally published on .