Remember MoviePass? The company tried to make a go of selling tickets to the movies at a set price of $9.99 per month. For that price, subscribers had no restrictions and could see as many movies per month as they wanted to. Movie Pass hoped to get discounts from theater chains to make it work and they provided users with pre-paid debit cards that would be used to pay full price for a movie ticket.
MoviePass is returning with a much better way to match revenue and expenditures
The timer counts down toward the 9 am ET opening of the MoviePass beta waitlist on August 25th
The company was desperate after subscribers were stranded at theaters as the MoviePass app went down and the pre-paid debit card was rejected at theaters. So it borrowed $5 million via a Demand Note that would pay the holder $6.2 million upon demand anytime after a week. A few weeks later, Movie Pass limited subscribers to see three movies a month for the same $9.99 monthly subscription fee with a $5 discount for additional tickets.
MoviePass is targeting a reopening on or around September 5th, which is Labor Day. Instead of resuming service to the entire country at once, the company says that it will open markets in waves. The locations of those on the waitlist along with the locations of its theater partners will determine which markets will open first. Those on the waitlist will be notified by email when they will be able to register for the service.
Subscribers will receive credits that can be used for discounts on movie tickets
Just exactly how this iteration of MoviePass will work hasn’t been decided. There will be three different tiers of service priced at $10, $20, or $30 per month. Each tier will give the subscriber a certain amount of monthly credits that can be used toward the purchase of a movie ticket. More details will be forthcoming. And in case you’re wondering if you favorite big chain theater will be accepting the service, MoviePass says the service will feature all major theaters that accept major credit cards in the U.S.
If you were a beta tester for PreShow, a company started by former MoviePass founders, you can automatically get right on the MoviePass waitlist. PreShow gives away free in-game currency for game players willing to sit through advertisements. And those who attended the MoviePass special event at Lincoln Center earlier this year are on a VIP list and will receive a complimentary Beta tester account as promised by the company.
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