You might think you know the story of MoviePass, but chances are you don't..
We could give you all the corporate gobbledygook our lawyers told us to say, but you deserve to know what really went down....
Stacy Spikes and Hamet Watt co-founded MoviePass to help movie lovers save money and fill the empty seats in theaters in 2012. The idea took off, the theaters were buzzing, and personal attendance rose by a staggering 111% on average!
Fast forward to 2017, HMNY, a private equity group, acquired MoviePass with a new CEO at the helm. They dropped the price to $9.95/month for unlimited movies in hopes of gaining 100,000 subscribers in six months. It took 48 hours.
As millions of you subscribed, everyone had the same thought: How could a business selling unlimited movie tickets for less than $10/month make money? The short answer - it can’t.
Stacy and Hamet were both ousted from the company for not agreeing to go along with the plan. Despite Stacy’s repeated warnings that the new pricing was unsustainable, HMNY pressed on until they were burning through more than $40 million per month, according to Business Insider.
HMNY turned to increasingly “fraudulent tactics” in hopes of staying afloat. HMNY (and therefore MoviePass) went bankrupt in less than two years, and their owners are now facing criminal charges.
Inspired by an outpouring of support from MoviePass fans, Stacy bought MoviePass out of bankruptcy and relaunched earlier this year. Now, the original rebels of cinema subscription are back and over 800,000 of you are leading the comeback journey.