MoviePass founding CEO Stacy Spikes is getting ready for a second act: After acquiring the assets of the defunct theater ticket subscription service out of bankruptcy, Spikes is planning a relaunch for this summer. During an event announcing the relaunch, Spikes suggested that MoviePass plans to use Web3 technologies to eventually capture a third of U.S. theater ticket sales.
“Our moonshot is to get to 30% by 2030,” Spikes said. “We think we have a chance in the market.”
Spikes said that the next iteration of MoviePass would use a virtual currency as part of a credit system instead of the all-you-can-eat plan it originally launched with. These credits will be tradable among members, for which the company wants to use blockchain-based technology. He also teased multiple subscription tiers as well as the ability to bring along friends.
As for the company's business model, Spikes hinted at plans to incorporate advertising, and let brands subsidize the price of movie tickets. Under this model, people would earn credits to watch movies after watching commercials on their phones.
Before unveiling these relaunch plans, Spikes spent a few minutes reflecting on the demise of the original MoviePass business. While most people have pointed to a misguided business model, Spikes instead blamed his successors for running the business to the ground.
But he also pointed to a broader problem in venture capital, suggesting that the founding team could have succeeded if it hadn’t been for their inability to access capital. And he pointed out that this is because a vast majority of VC funding goes to white, male founders. “It’s important that diverse founders are able to access capital,” he said. “That has to change in America.”