I said it, and I'm sure others did too: "MoviePass 2.0? Really?" MoviePass, the once-unlimited buffet of movie tickets for a monthly-fee, is back — but a lot has changed since the original MoviePass died. Co-founder CEO Stacy Spikes announced the return to press assembled at New York City's Walter Reade Theater today (Feb, 10).
The presentation, which will not disappoint anyone who is suspicious of this return, saw Spikes talk about cameras tracking your eyes, the nebulous term "Web3" and even a credits-based virtual currency. You can watch it for yourself below, but I'll do my best to break it down for you.
Spikes, who bought the company out from bankruptcy, spoke to an applauding crowd, but his proposal seems curious and unfinished. Spikes delivered his presentation, though, with a confidence based around the demand for MoviePass 1.0. According to Spikes, 3 million MoviePass users saw 50 million movies in 4,000 theaters, amounting to 4% of the marketshare in the U.S.; he also claimed that MoviePass drove substantial amounts of traffic to independent theaters. That would make MoviePass the second ranked exhibitor by Spikes' math.
In full disclosure, I'm a former MoviePass member, but not a part of any class-action lawsuits that went after the company. I would love MoviePass 2.0 to be the rebirth of the original. But how is MoviePass 2.0 supposed to work? If you're wondering the same thing, brace yourselves here for a lot of buzzwords that didn't get explanations.
MoviePass 2.0: How will it work?
Spikes said that MoviePass 2.0 will work with an "end-to-end cinematic marketplace," that uses Web3 technology. The benefits of this Web3 involvement supposedly include power, control and freedom.
MoviePass 2.0 will be based around a virtual currency of credits, which will roll over month to month. One upgrade over MoviePass 1.0 is that you'll also be able to bring a friend without requiring a new membership tier. Oddly, you'll be able to "trade" credits between users. The dev team is still working on the details of that, Spikes said.
After Spikes claimed you’ll be more in control of your privacy, he introduced something called PreShow. That would help companies speak to customers directly while showing a bunch of fashionable print ads.
This is when things got very Black Mirror. Remember Fifty Million Merits, the episode where people use exercise bikes to get points to remove ads from their cubicle homes? MoviePass 2.0's PreShow feature will let you watch ads — and the cameras in your phone will track your face and eyes so it makes sure you're watching — in order to get credits for movies.
Spikes didn't say how many ads you need to watch to get to see a movie for free.
MoviePass 2.0, Spikes said, was meant to be "built by its fanbase," and he compared it to a co-op. The users, he said, are supposed to be the owners. Portions of the company will be available for investment, and registration is open at the moment. Perks will include lifetime membership, according to Spikes.
MoviePass 2.0 will assign different numbers of its token-based credits to different showtimes, so "off-peak" matinee times are cheaper than "peak" time evening tickets.
MoviePass 2.0 launch date
Spikes said MoviePass 2.0 is coming in summer 2022.
MoviePass 2.0 pricing: It's still a secret
Spikes didn't reveal any pricing, but said MoviePass 2.0 will have tiered plans, so you can pay what you want.
Nowhere in the presentation did he use the word "unlimited."
MoviePass 2.0 theaters
It almost sounded like all movie theaters will work with MoviePass 2.0, just like the original. Except Spikes never said that.
Spikes said MoviePass 2.0 will have "partnering theaters," that allow you to pick your seat in the MoviePass app. Theaters will be able to promote offers to consumers through MoviePass 2.0 if the customer is no longer going as often, which wasn't available before.
MoviePass 2.0 app
Below, you can see the four sample screens of the MoviePass 2.0 app, with windows for selecting moves and showtimes. Here, you can see the varying credits per showtime.
MoviePass 2.0 announcement event
At the event, Spikes gave a history of MoviePass and a sort of blueprint for MoviePass 2.0, starting off with laughs about the change of management and how catastrophic MoviePass' failure was. With a graphic of a flaming phoenix rising from the ashes behind him, Spikes tries to explain what happened to renew confidence, acknowledging those who lost money, as well as those who lost trust and were hurt and disappointed.
He then spoke to the "seasoned entrepreneurs" who he believed caused a lot of the problems. Watch it for yourself, including the part when he talks about "sitting at home feeling sorry for [himself]."
Spikes even proposed a "moonshot" goal of 30% of moviegoers (by 2030) becoming MoviePass subscribers, which he said would double the annual attendance and revenue of the movie industry.
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