MoviePass is Back with a Crypto Bang
Is MoviePass still around? One of the biggest mistakes the failing "movie subscription service" made was promising a deal it couldn't keep all the movies you've ever wanted to watch for less than the price of a ticket!
Now it's back for the second time! With virtual money and privacy concerns, this time.
MoviePass was an offer that seemed too good to be true. You could go to any movie theater for $10 a month and view any movies you like.
It deserves to be seen no matter how unpopular it may be at the theaters.
You would use the debit card MoviePass provided to make your movie purchase.
You can't split a subscription with a buddy, so why not simply acquire two?
Eventually, the firm began to lose money as a result. Then the arrangement was changed, and theatrical funding was dropped till it collapsed.
Having folded in 2019, MoviePass wasn't the oldest business on our list, but it made a lasting impression.
The business model was untenable in the initial service, which offered unlimited movie tickets for $10 a month.
The firm was saved by restructuring and a monthly movie limit. That didn't quite do the trick.
Fortunately, the firm has resurfaced, with its original CEO in charge, and it plans to use bitcoin to rename itself.
Instead of charging a monthly fee, MoviePass 2.0 would enable customers to pay for tickets using crypto credits instead.
By viewing adverts on the MoviePass app, users may earn these credits. Because the app will use eye-tracking technology, users will be compelled to pay attention. The new product will be released in the summer of 2022.
Much of this transpired due to the dismissal of Stacy Spikes, an initial co-founder. It has taken him this long to get the company's assets back, but now that he has, he's nearly ready to relaunch MoviePass.
He made his proposal during a presentation that lasted more than an hour (and was marred by several technical and human faults).
But rather than having answers, we're left with additional concerns and uncertainties.
