The original incarnation of MoviePass ran into financial headwinds back in 2017, when management (headed by a new majority shareholder) demanded reducing the monthly fees below sustainable levels. In a situation that was too good to be true, users could attend a movie every single day if desired for less than $10 per month, virtually insuring that the company would lose money.
Not surprisingly, MoviePass version 1.0 shut down in September 2019. MoviePass co-founder Stacy Spikes — who was dismissed in 2018 for pointing out the flawed business model — relaunched the company in 2022 after buying the assets out of bankruptcy.
“By opening up MoviePass to film lovers nationwide, we are expanding our support of the movie theater industry by helping drive traffic to all theaters during the critical summer season.” said CEO Stacy Spikes in a press release. “Our newly designed service offers our members greater choice and flexibility for how they use their monthly credits, while continuing to encourage them to watch movies in theaters.”
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