Infamous movie ticket subscription service MoviePass is looking to make a comeback.
MoviePass rose to prominence in 2019 by offering unlimited tickets to movies for $10 a month. The company lost money every time a user got a ticket. Things got so bad for MoviePass that they lost more than $100 million in a single quarter.
Stacy Spikes, the former CEO and a co-founder of the company, purchased the company out of bankruptcy court for $14,000.
Spikes plans to relaunch the company in the near future with a new business model. He believes the theater world is ready for a third party subscription service.
“Researching the consumer behavior with the new proposed business model with a sample group of 1,000 customers this fall is critical to further funding of the project, as well as being able to raise capital at the beginning of the year,” Spikes said in court papers.
MoviePass could be back in full business by the final quarter of 2022.