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Helios movie pass stock6/30/2023 In the summer of 2017, MoviePass caught fire with consumers with an irresistible “too good to be true” offer: $10 to see one movie a day for an entire month. If the point of MoviePass is to allow movie lovers to see a lot of films on the cheap, the service only really makes sense if there are a lot of movies to see. For example, the next big blockbuster, “Black Panther: Wakanda Forever,” won’t be released until November. Of course, there’s still a lot of films being produced and released, but many are either being held up by supply chain issues in Hollywood or heading directly to streaming. The number of major releases - films that open in 2,000 or more theaters - is down a whopping 43% compared to 2019, according to Comscore That’s considerably better than 2021, but still not all the way back to “normal.”Īlthough many moviegoers have returned to theaters, movies by and large haven’t. The domestic box office is down 31% this year compared to the same point in 2019, prior to the pandemic. (Photo by Vivien Killilea/Getty Images for Paramount Pictures) Vivien Killilea/Getty Images SAN DIEGO, CALIFORNIA - MAY 04: Guests attend the Global Premiere of "Top Gun: Maverick" on in San Diego, California. Not to mention four-decade-high inflation, which has many Americans reining in discretionary purchases, such as going out to the movies.Įven for those who have the cash to spend on something like MoviePass, the movie marketplace is wildly different than it was when the company last existed. Trying to break into moviegoers’ wallets this time around may be difficult.Ĭonsumers today might have a bit of subscription fatigue, considering the litany of streaming services and other bundles they pay for. (AMC), Regal and Alamo Drafthouse, have embraced their own versions of the subscription model that MoviePass ushered in. One of the biggest roadblocks is that MoviePass is coming back at arguably the worst possible time. Lots of movie theater plans, not a lot of movies Rebuilding trust is just one of the many challenges MoviePass faces as it makes its return in the coming weeks. He held a presentation in New York in February, during which he announced the relaunch and acknowledged “a lot of people lost money, a lot of people lost trust” after MoviePass went belly-up, according to Variety. Spikes helped found MoviePass before being pushed out in 2018 after selling the company to now-defunct analytics firm Helios and Matheson. “Each level will get a certain amount of credits to be able to use towards movies each month,” the website said. Details remain scarce, but the company says the new MoviePass will have three pricing tiers that, depending on market, will cost $10, $20 or $30. Spikes has plans to get the service up and running again “on or around September 5th,” according to its website. The revolutionary movie ticketing service, which sent shock waves through Hollywood in 2017 before collapsing in 2019, has risen from the dead after its co-founder, Stacy Spikes, bought the company out of bankruptcy in November. Hollywood loves a comeback story, and MoviePass, one of the industry’s most notorious flops, is trying to write one of the most epic sequels in history.
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