Right here’s some information that comes fully out of left area. MoviePass, the subscription service that obtained you low-cost tickets to film theaters, is seemingly coming again, stories Enterprise Insider.
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How did MoviePass get right here? Effectively, for starters, the corporate went fully bankrupt after a string of questionable enterprise practices. They canceled folks’s accounts with out them understanding, modified their pricing with none warning, ran out of cash, and oh, let’s not neglect the category motion lawsuit.
This ultimately induced them to go bankrupt and shut down the entire operation.
Now it appears one of many firm’s co-founders, Stacy Spikes, has purchased again the corporate. From Enterprise Insider:
“I can verify that we acquired MoviePass out of chapter on Wednesday,” Spikes mentioned in a press release to Insider. “We’re thrilled to have it again and are exploring the opportunity of relaunching quickly. Our pursuit to reclaim the model was inspired by the continued curiosity from the moviegoing neighborhood. We imagine, if performed correctly, theatrical subscription can play an instrumental position in lifting moviegoing attendance to new heights.”
MoviePass went up on the market in a chapter public sale however nobody actually provided a aggressive bid. That is the place Spikes got here in swooped it up on a budget. Spikes isn’t disclosing how a lot he precisely obtained the corporate again for, however he tells Insider that it was beneath a $250,000 minimal.
Spikes says he plans to revive MoviePass someday subsequent yr, however no precise timetable has been set. Forward of the launch, a brand new web site has been created for the corporate underneath iwantmoviepass.com the place I think about additional updates can be added to let people know when it plans to relaunch.