Movie Pass – a program that seeks to provide lesser-priced movie tickets to theatergoers – is back with a bang. This time, it’s backed by cryptocurrency and getting a little help from the blockchain space.
Movie Pass Is Coming Back with Crypto in Its Corner
The company has had a rather harsh run of things, first rising to the ranks over a decade ago in 2011. The enterprise sought to provide discounted movie tickets, though there appears to have been some controversy surrounding how it conducted itself. Initially, Movie Pass told businesses it partnered with that every user was tracked before and after the movies they attended, though customers were often told they were never tracked.
This level of incongruity led to problems for the discount ticket company, and by the time 2019 came around, Movie Pass had gone defunct. From there, its parent firm – HMNY – filed bankruptcy, thus bringing an end to the once prominent theater ticket program.
In an odd twist of fate, however, 2020 saw the company purchased by a previously fired employee named Stacy Spikes, who was also the co-founder. In August of 2022, Spikes decided it was time to give Movie Pass a much-needed relaunch. The company went through a beta test in a few select cities such as Chicago, Illinois, and now has the financial backing of Hong Kong-based crypto firm Animoca Brands.
The founder of that company – Yat Siu – explained in a recent interview:
Movie Pass has a strong vision for technology in the field of entertainment, and our investment demonstrates our commitment to maximizing the value that MoviePass can deliver across the film industry.
Initially beginning as a venture capital firm and joint games service in the year 2014, Animoca eventually developed into a high-end blockchain service that carried out non-fungible token (NFT) transactions in its later years. The company is now looking to raise at least $1 billion in new investment funds for its upcoming metaverse division.
Animoca Is Seeking a World Where Crypto and Movies Work Together
Prior to shutting down roughly four years ago, Movie Pass sought to expand itself and was on a mission to revamp its infrastructure. With Animoca also looking to expand, one can only assume that both entities will work hand in hand to bring movies and crypto closer together. Animoca released a statement on the matter which read:
With its initiatives to increase traffic to theaters, engage audiences with enhanced cinematic experiences, connect studios and their franchise characters to movie fans, and make financing more accessible to aspiring filmmakers, we believe that Movie Pass will help to define the future of cinema.
At this time, Movie Pass has not given users a set schedule about when it plans to roll out. At the same time, it has mentioned that a general subscription will likely cost around ten dollars a month.
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