- MoviePass will return this summer with a significant reliance on virtual currency.
What you should know
MoviePass, the movie ticket subscription service that went out of business in 2019, will reopen in the summer.
After being sacked by MoviePass’ previous parent company, Stacy Spikes, the service’s cofounder, has returned to the leadership.
The new MoviePass service will have several subscription tiers and will employ a virtual currency approach to allow customers to earn credits for movies by watching advertisements.
MoviePass will also be available for equity investment, allowing subscribers to own a piece of the business.
Over the last two years, the pandemic has transformed not just how businesses and educational institutions operate, but also the movie industry. Many theaters have closed their doors, at least temporarily, but a movie ticket service that was shut down prior to the pandemic is reopening with a new strategy.
MoviePass will relaunch this summer under new management, with co-founder Stacy Spikes taking the reins. Spikes disclosed that MoviePass 2.0 will be constructed utilizing a Web3 system during a relaunch event in New York City, when he announced the company’s return (via Vice). This implies that the service will employ a virtual currency to allow users to earn credits that can be used to buy movie tickets.
Credits can be accumulated in a variety of ways. MoviePass will be available in several tiers, with the most expensive option including a lifetime subscription. However, the price has yet to be determined. The good news is that any unused credits will roll over to the next month, and you can even transfer them to friends or relatives.
Credits can also be earned by watching advertisements or pre-shows. “Advertisers have put together a pre-show similar to what you’d see at a movie theater, but this is personalised for you,” Spikes added.
To verify that you actually watch the adverts given to you, MoviePass will use facial recognition and an eye tracking system. On mobile devices, such as the top Android phones, the eye-tracking technology will employ the front camera. The video ad will pause if it detects that you’ve glanced away. This implies that you will not receive your credits until the advertisement has finished playing.
Through equity investment, MoviePass customers can also own a piece of the firm. It’s unclear how the company’s new business approach can prevent it from collapsing again, as it did two years ago owing to an unsustainable subscription model.
Don’t expect to view infinite movies with your monthly membership with MoviePass’s new direction.