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.
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.
Spikes helped found MoviePass before being pushed out in 2018 after selling the company to now-defunct analytics firm Helios and Matheson. 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.
Consumers today might have a bit of subscription fatigue, considering the litany of streaming services and other bundles they pay for. Not to mention four-decade-high inflation, which has many Americans reining in discretionary purchases, such as going out to the movies. Although many moviegoers have returned to theaters, movies by and large haven't. 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.
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