MoviePass caused a stir in 2017/18 when it launched a $ 10 unlimited movie service, then quickly made changes that led to insolvency. Now, after going bankrupt, one of the founders has bought out the company with potential plans to relaunch the service next year.
Reported by Insider, MoviePass co-founder Stacy Spikes confirmed he bought the company after it went bankrupt and plans to bring it back to life.
“I can confirm that we bought MoviePass out of bankruptcy on Wednesday,” Spikes said in a statement to Insider. “We are delighted to find it again and are exploring the possibility of relaunching it soon. Our quest to reclaim the brand has been encouraged by the continued interest of the moviegoer community. We believe that, if done right, cinema subscription can play a huge role in increasing movie viewing to new heights. “
It turns out that Spikes was fired from the company in 2018. He notably raised concerns that the $ 10 price tag for unlimited movie service was unsustainable for HMNY CEO Ted Farnsworth and the MoviePass CEO Mitch Lowe.
It appears that Spikes may have bought the company for less than $ 200,000, while parent company HMNY estimated its post-bankruptcy value to be between $ 1 million and $ 10 million.
Although Spikes did not disclose the amount, he said his bid was lower than the minimum of $ 250,000 set by the administrator in 2020. Customer data and email addresses were not part of the sale. , Spikes said.
Interestingly, Spikes has already launched a new website where people can sign up to receive updates on the launch of the relaunched service.
What do you think? Are you interested in MoviePass take two? Or are you happy to pay per movie when you go or stay with other AMC options etc. ?
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