MoviePass purchased out of bankruptcy by co-founder


In short: MoviePass, the ill-fated film ticket subscription service that went bust after launching a membership program that proved unsustainable, is planning a comeback. With the best technique and enterprise mannequin, may MoviePass succeed the second time round?

The startup was based in 2011 however didn’t make waves till mid-2017 when it slashed its month-to-month subscription fee to $9.95 per thirty days. The plan allowed members to observe one film per day at any theater within the US that accepted debit playing cards, which was just about all of them. 3D and IMAX screenings have been excluded, however apart from that, it was truthful recreation, with no blackout dates to talk of.

It was an exceptionally whole lot – too good, in actual fact. The corporate’s enterprise mannequin merely wasn’t sustainable and regardless of efforts to restructure and keep afloat, MoviePass and its dad or mum firm finally filed for Chapter 7 chapter.

Now almost two years later, the outfit is staging a comeback.

Insider reviews that co-founder Stacy Spikes was not too long ago granted possession of the corporate by a Southern District of New York chapter court docket decide. Spikes informed the publication he was thrilled to have the asset again and is exploring the potential of relaunching quickly. Notably, earlier buyer information and electronic mail addresses weren’t a part of the sale.

Monetary phrases of the acquisition out of chapter weren’t shared, though the brand new proprietor mentioned his bid was decrease than the $250,000 minimal set by a trustee overseeing the chapter.

Spikes has arrange a brand new web site for MoviePass the place events can register their electronic mail handle to be notified when the service launches, maybe as early as subsequent yr.

Picture credit score Erik Witsoe, Pixabay

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