When Is Moviepass Planning to Restart Again

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MoviePass is relaunching after a 2-year hiatus

MoviePass CEO Stacy Spikes joins Yahoo Finance Live to discuss the company's comeback as more people begin going to movie theaters, marketshare goals incorporating relevant trends, and the company's credit system for moviegoers.

Video Transcript

EMILY MCCORMICK: Welcome back. MoviePass is making a reboot. The movie subscription service is returning this summer after filing for bankruptcy about two years ago. And for more, we have MoviePass CEO Stacey Spikes joining us now. Stacey, thanks so much for your time this afternoon. What should consumers be expecting from the new MoviePass this summer?

STACY SPIKES: Thanks, Emily, for having me. We are looking forward to a new and exciting version of MoviePass that's completely different than what we had before. And it's going to give everybody a really good way to get back into the movies and start going to see cinema again.

EMILY MCCORMICK: And in terms of monetizing this reimagined MoviePass, you've talked about the relaunched MoviePass using a credit system rather than the fixed cost unlimited viewing plan used previously. Where would pricing start for these credits? And how would this plan work?

STACY SPIKES: Yeah, so we're still in the research phase on what our pricing plans are going to be specifically. But what I can tell you is that there's going to be a credit system with the marketplace that people will be able to use different credits at different times. So if you are going on a weekend and you are a peak viewer, you may use a different number of credits than if you like going in the middle of the week and it may cost you less. And we heard feedback from the theaters that have said they wanted the ability to market to customers and set themselves apart.

So that's part of the reason why we decided to go with this credit system.

EMILY MCCORMICK: And when we think about the pricing strategy that MoviePass had had previously, two years ago, one of the challenges had been because so many people were going to the movies and going more than that fixed fee was actually covering. Was that pricing strategy really the main pitfall that you saw for the previous iteration of MoviePass? Or were there other challenges that over the past couple of years, you've seen that needed to be reworked?

STACY SPIKES: Yeah, the owners who had taken over MoviePass. So I was the original co-founder of the company. And we had left at the sale. They set it at a price point that just wasn't realistic to be able to maintain. It was cheaper than the average ticket is in the United States. So that has to be corrected. But there's ways to do it that people can come in at levels that are right for them, but also have the ability to go to more if you want to. But you're still not paying prices you would at full price.

EMILY MCCORMICK: And when you think about what the new MoviePass is going to look like more broadly, and even years into the future, you've talked about potentially leveraging crypto, Web3, and the Metaverse here with MoviePass. Can you talk a little bit more about your plans for this and actually incorporating some of these ideas into the business?

STACY SPIKES: Yeah, so one of the things that we've noticed with NFTs and some of the things that are emerging there, they're really tied to collectibles and memorable events that you're experiencing like whether you go to a concert or you go to a special movie. We think that there's a marketplace for that. We do think that there's a tie-in to the live event, which moviegoing is still the number one out-of-home entertainment in the world.

And so, there are ties that we think that we can be able to make a robust, end to end, cinematic marketplace using a lot of the Web3 technologies that are coming online. Crypto specifically, I don't think we have things that tight and that specific in relation to that. But we do think using credits, make them transferable, make them shareable among people are things that you can use blockchain, and be very effective with that.

EMILY MCCORMICK: And to that point, just today, Disney CEO Bob Chapek had appointed an executive to lead Disney's own Metaverse strategy. I'm wondering, what have you been talking about, if you have been talking about-- talking with some of these studio executives about what the Metaverse strategy is going to look like for some of these studios, and how MoviePass could potentially be a part of this?

STACY SPIKES: Yeah, I mean, they've been keeping their cards pretty close to the vest on Metaverse specifically. But in relationship to MoviePass, hands down, all the exhibitors and studios have said, we'd love to see you back in the marketplace and helping drive traffic as we all emerge from the pandemic. So we want to get back in the game. And we saw prior to that, really seismic numbers, sometimes even as high as 20% of traffic being driven by MoviePass on Oscar titles, and some of the Arthouse, and independents. So we're thrilled to be able to get back in the ring and fight for this industry that we love so well.

EMILY MCCORMICK: And again, going back to this idea of expanding with crypto and into Web3, do you think legacy movie theaters are prepared for and ready to embrace these changes that MoviePass may be implementing?

STACY SPIKES: Yeah, I mean largely, it's we think that the consumer is the one that needs to be ready to make that leap. But the way that we're building it is we're making it seamless that the exhibitors don't need to do anything. There's no hardware or things that need to happen on their end. We can build a lot of that all on our side that doesn't affect them or make any changes into their POS systems or the payment systems that they need to do today. It wouldn't affect them at all.

EMILY MCCORMICK: All right. We'll leave it there for now. And we will continue to track developments as MoviePass relaunches this summer. Stacy Spikes, MoviePass CEO, thank you so much.

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Source: https://finance.yahoo.com/video/moviepass-relaunching-2-hiatus-220630040.html

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