- MoviePass will relaunch in beta form on Labor Day.
- The only way to use the service is to sign up on a waitlist beginning Thursday.
MoviePass, the movie theater ticket subscription startup that had $4, will relaunch in beta form on Labor Day, Insider can exclusively report.
Insider reported $4 that MoviePass cofounder Stacy Spikes had bought the company back after its parent company, Helios and Matheson Analytics (HMNY), went bankrupt. Since then Spikes and his team have been diligently working on a relaunch of the popular service.
Beginning at 9 a.m. ET on Thursday, a waitlist will open on $4 for those wishing to join the beta version.The waitlist will be open for five days on a first come, first served basis. It will be free to sign up with MoviePass — all that's required is an email address and zip code. Once the waitlist closes, the initial group of beta users will be notified on Labor Day (September 5) and will be offered three price tiers to choose from.
Prices will vary depending on the user's home market, but general pricing will be $10, $20, or $30 a month. Each subscription option will give the user a number of credits to use each month to see movies. There won't be an unlimited option during the beta version.
Users who make the cut for the beta will also be given 10 friend invites to use MoviePass.
According to MoviePass, the service has partnerships with 25% of theaters in the US. Users of the beta version will be able to order movie tickets through the app or can wait for their MoviePass card to come in the mail and use that at any theater box office that accepts MasterCard.
The card will be black, as MoviePass is scrapping its previous red branding. Insider was given an exclusive first look at what the card will look like:
Spikes founded MoviePass with Hamet Watt in 2011, creating a service that let moviegoers see a certain number of movies each month in theaters for a monthly fee. After struggling to stay afloat for years, the company in 2017 was bought by HMNY.
Under the leadership of HMNY CEO Ted Farnsworth and new MoviePass CEO Mitch Lowe, the company launched a $10 a month subscription price to see a movie a day. Within two days, subscriptions went from 20,000 to 100,000. In less than a year, MoviePass had over 3 million subscribers.
With Farnsworth and Lowe at the helm, MoviePass blew through hundreds of millions of dollars, and Spikes — who said he'd raised concerns internally about the sustainability of the $10 price point — was fired in 2018.
HMNY was $4 and both MoviePass and HMNY filed $4. At the time of MoviePass' bankruptcy filing, the company said it was $4.This June, Farnsworth and Lowe $4 and reached a $4.
Mark Wahlberg's non-fiction production company Unrealistic Ideas is $4 on the rise and fall of MoviePass based on award-winning reporting by Insider.