MoviePass, Which is Set to Make a Comeback This Year, May Get a Metaverse

Sophie Webster, Tech Times 12 February 2022, 12:02 pm

MoviePass, a movie ticketing service, is set to make a comeback this year after it went bankrupt in 2020. Its CEO, Stacy Spikes, managed to save the company and revealed during a launch presentation that it is aiming for metaverse too.

MoviePass Metaverse Goal

Stacy Spikes took the stage in New York to hype the relaunch of the subscription service. There were a lot of fanfare and references to Web3 technology. However, Spikes did not reveal on stage during the launch was MoviePass's metaverse aims.

In an exclusive interview with The Verge, Spikes said that some of the players in the metaverse are now more into games, while the company wants users to be able to watch a movie.

During the launch event on Feb. 11, Spikes pitched a product that is an upgraded version of the subscription service that users know and love.

Also Read: MoviePass Update: New Plan Only Lets You See 3 Films Per Month, With Limited Daily Selection

Spikes is ready to tap into every avenue, including digital currency and the metaverse, to bring the MoviePass service back to life. However, it is still not clear whether consumers are prepared for the updated version of MoviePass, according to NewsBreak.

Spikes said that what is great about going to the movie is that you won't get interrupted. It can't be stopped, and you need to pay attention because it would be a waste of money if you didn't. He said that they could push for event viewing in their own metaverse.

Spikes told The Verge reporter Catie Keck that he is looking at the new MoviePass as a live event company. He did not share any specifics about his metaverse plans. He only said that live events and concerts are an area of interest.

MoviePass' Long-Term Plans

Despite all of the updates, Spikes' goal has not changed at all. The service's core function is still putting people at cinemas. He says that the new MoviePass will give people more flexibility and a better experience while helping theaters survive post-pandemic.

The way the old MoviePass worked was via a debit card-like system that allowed users to see a couple of movies monthly for a fixed rate, according to INC.

There are still a lot of details that need to be laid out about the new MoviePass, like pricing, for example, but Spikes did not share even the estimated new rate for the service.

However, Spikes said that the new subscription service would be tiered, and users will additionally be able to earn extra moviegoing credits by viewing ads through PreShow.

This time, Spike said that members would have more flexibility to bring someone else, which was not an option with the last version of MoviePass.

Based on slides shared during Spikes' presentation, the number of credits per movie will vary based on different factors like peak moviegoing hours, title popularity, and location.

Spikes is insistent that this is a pivotal differentiator between this new version of MoviePass and the one that went down the drain due to mismanagement.