If you are a lover of films, benefits, or simply Pure, merciless chaos, buckle up: The ill-fated movie subscription service MoviePass, which intended to disrupt the movie business in 2017 but erupted impressively shortly thereafter, is reportedly awaiting a relaunch.
According to the court documents examined InsiderA bankruptcy judge for the Southern District of New York has officially handed over the keys to the kingdom to the co-founder of MoviePass. Stacy Spikes on Wednesday after Spikes made an undisclosed bid with Helios and Matheson Analytics, the platform’s former parent company.
“I can confirm that we acquired MoviePass through bankruptcy on Wednesday,” Spikes said in a statement to Insider. “We are very pleased with its return and are looking into the possibility of its resumption in the near future. Our drive to regain our trademark has been bolstered by the continued interest of the cinematic community. We believe that, if done right, a cinema subscription can play an important role in taking cinema attendance to the next level. “
When is that launched Back in 2017, the main idea behind MoviePass was that subscribers would pay a monthly subscription fee of $ 9.95 in exchange for access to a movie ticket per day – to any movie, in any cinema, in any market. People were recording in droves, which was the plan from the beginning; while the entire operation was initially subsidized by investors, it was believed that a massive subscriber base would be enough to incentivize large movie theater chains such as Loews and AMC to sign deals with the service. The company also had ambitions to offset its movie ticket losses through a data-driven marketing operation. Great idea, in theory, except that the chains refused to play the ball and it didn’t. By September 2018, Helios and Matheson reported The loss for the quarter was $ 146.7 million, and by 2019 MoviePass had made it to that big IMAX theater in the sky.
It’s probably worth mentioning that this is just a quick overview of MoviePass’s long list of nonsense. At one point, the service was a reanimated corpse, shot with a current of 1000 volts, stumbling and stumbling. cheating usersby resetting your passwords without authorization to prevent access to the service, and in no way claiming that it is capable of collecting user data location data… The failures of this company were so impressive that Mark Wahlberg Production CompanyUnrealistic Ideas is reportedly working on a series of papers exploring the platform’s spectacular fall.
But we love cheap movies, don’t we? What is small corporate abuse if it means getting more and more of the simple pleasure of watching a movie? Either way, whatever grotesque new form MoviePass is planning to take, watching the company’s attempt to shake off the dead husks of its incredibly tarnished reputation will probably only cost the entrance fee.