{"id":14960,"date":"2025-05-01T13:20:48","date_gmt":"2025-05-01T13:20:48","guid":{"rendered":"https:\/\/topat10.com\/?p=14960"},"modified":"2025-05-01T13:20:48","modified_gmt":"2025-05-01T13:20:48","slug":"remember-moviepass-its-still-around-and-going-all-in-on-crypto","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=14960","title":{"rendered":"Remember MoviePass? It\u2019s still around\u2014and going all in on crypto"},"content":{"rendered":" \r\n

MoviePass was once a cinephile\u2019s dream. Throughout the 2010s, the company allowed users to pay a monthly fee to watch a movie a day in theaters. In 2018, it cost $9.95 for a subscription. That\u2019s less than what some theaters charged for one<\/em> film screening, let alone 30, and the company went under<\/a> one year later.\u00a0<\/p>\n\n\n\n

Now, MoviePass is back, and it\u2019s touting a crypto-powered rebrand. On Thursday, the firm unveiled \u201cMogul,\u201d which lets users fill out rosters and predict what movies are poised to win big at the box office and what actors will pull in the most awards. The product, which is available to U.S. players, uses an in-game currency and is built on the Sui blockchain.<\/p>\n\n\n\n

MoviePass CEO Stacy Spikes stressed to Fortune<\/em> that the in-game currency is just like \u201cMonopoly money\u201d and that they haven\u2019t decided on whether \u201cit becomes real\u201d yet. The only information the platform puts on the blockchain is game-related data, like a player\u2019s performance, he added. <\/p>\n\n\n\n

The CEO had thought about fashioning Mogul like a crypto-powered prediction market, or a locale where bettors can gamble money on who they think will win an election and other real-world events. However, he and his team eventually decided against it, he said.<\/p>\n\n\n\n

\u201cWhen [you] talk to laypeople and you say ‘crypto,’ it means you’re doing a memecoin, you’re doing something that Trump is doing, you’re doing a Dogecoin\u2026 That is not what this is,\u201d he said, in reference to Mogul.<\/p>\n\n\n\n

Bankruptcy to crypto<\/h2>\n\n\n\n

When he spoke with Fortune <\/em>on Tuesday, Spikes was attending a crypto conference in Dubai, where he visited an expansive movie theater in a mammoth mall. He chose to watch the Ben Affleck blockbuster The Accountant<\/em> 2<\/em>. \u201cEvery time I put boots on the ground in a city,\u201d he said, \u201cI go to the movies.\u201d<\/p>\n\n\n\n

More than a decade ago, Spikes raised $1 million to launch MoviePass, which initially charged<\/a> users around $30 a month. In 2017, Helios and Matheson, a publicly traded data analytics company, acquired a majority stake in the startup and led the $9.95-per-month promotion push that eventually sank the company. Spikes was soon pushed out from the board and \u201cinformed he was no longer needed,\u201d according to Time<\/em><\/a>. <\/p>\n\n\n\n

Less than two years later, MoviePass went out of business and its publicly traded parent company declared bankruptcy. In 2022, Spikes bought the company back for $140,000. \u201cI knew I could build something again,\u201d he said shortly after the relaunch<\/a>. (In January, one of Helios and Matheson\u2019s executives pleaded<\/a> guilty to securities fraud.)<\/p>\n\n\n\n

As he’s worked on MoviePass 2.0 over the past three years, Spikes looked for new funding and found willing investors\u2014in crypto.<\/p>\n\n\n\n

Animoca Brands, a longtime crypto powerhouse with a focus on NFTs, led a $5 million seed round<\/a> in MoviePass in 2023, and Mysten Labs, the main company behind the Sui blockchain, led a $15 million round shortly afterwards. Both raises were for equity and token warrants, or promises of a yet-to-be-released cryptocurrency, Spikes said.<\/p>\n\n\n\n

\u201cThere’s two kinds of businesses that are gaining traction right now,\u201d he told Fortune<\/em>. \u201cEither you’re an AI play, or you’re a blockchain or crypto play.\u201d<\/p>\n\n\n\n

Spikes decided on blockchain. He owns an expensive anime-inspired NFT, holds Bitcoin and Ethereum, and has traveled to Hong Kong, Singapore, and Denver to attend crypto conferences. \u201cI think that blockchain and virtual reality are going to be an amazing force together,\u201d he proclaimed.<\/p>\n\n\n\n

MoviePass\u2019s blockchain play, though, is just one part of its business. Subscribers can still pay for a monthly pass, but it\u2019s not a steal at $9.95 a month for a movie a day. Instead, a \u201cpremium\u201d pass costs $40 for up to five movies a month. That may mean less customers, but at least, Spikes said, MoviePass is now profitable.<\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\r\n
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MoviePass was once a cinephile\u2019s dream. Throughout the 2010s, the company allowed users to pay a monthly fee to watch a movie a day in theaters. In 2018, it cost $9.95 for a subscription. That\u2019s less than what some theaters charged for one film screening, let alone 30, and the company went under one year […]<\/p>\n","protected":false},"author":110,"featured_media":14961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-14960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nRemember MoviePass? 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