MoviePass, the infamous movie ticket subscription service that was shuttered in 2019, may be getting ready for a 2022 reboot and relaunch. Co-founder Stacy Spikes has purchased the company, a rep for Spikes confirmed, and is exploring what MoviePass would look like as movie theaters return to operation following COVID-19 shutdowns.
The purchase, reported earlier by Insider, took place on Wednesday for a bid that was less than the $250,000 minimum asking price MoviePass parent company Helios and Matheson was looking for in June 2020 during its bankruptcy auction. Spikes began the MoviePass theater subscription service in 2011 with Hamet Watt, initially requiring a $50 per month subscription while exploring other pricing options. It wasn't until 2017, when MoviePass slashed its price to $10 a month for unlimited movie tickets, that the service surged in popularity.
The $10 deal, created while MoviePass was helmed by Helios CEO Ted Farnsworth and MoviePass CEO Mitch Lowe, brought in thousands of customers but led to a whirlwind of changes that included surge pricing, blocked showtimes, requiring customers to take photos of their ticket stubs and other methods that seemed to slow down how often customers could use their subscription.
A new MoviePass website has been set up, allowing anyone interested to sign up for email alerts about the service as it prepares to reinvent itself. While MoviePass flamed out, it led several movie chains to create their own subscription services such as AMC's A-List, Regal's Unlimited and Alamo Drafthouse's Season Pass.