TLDR:
- MoviePass, a cinema subscription service that collapsed in 2020, is making a comeback with an investment from Comcast’s Forecast Labs.
- The investment aims to bring new technology and innovation to the film community and drive higher traffic to theatres.
MoviePass, the cinema subscription service that collapsed in 2020, is attempting a comeback through an investment from Comcast’s Forecast Labs. The New York-based company announced that it had secured backing from the fund, with the specific amount of funding undisclosed. Stacy Spikes, chief executive and co-founder of MoviePass, stated that the investment will accelerate their mission to bring new technology and innovation to the film community, driving higher traffic to theatres. The MoviePass premise was to offer subscribers admission to selected US cinemas in exchange for a monthly fee. The original model, charging between $30 to $50, was later reduced to $9.95 after the purchase of a majority stake by Helios and Matheson Analytics Inc. This move led to shareholder lawsuits and an investigation by the New York attorney general’s office. The investment comes at an opportune time, coinciding with the premiere of an HBO documentary about the tumultuous life of MoviePass.
