Guess the latest supporter of the metaverse? MoviePass!
As the days roll by, the metaverse is gaining more and more support, and it is safe to assume that it is here to stay. MoviePass is enjoying a second life after being resurrected by one of its founders, Stacy Spikes. The movie ticket subscription service has revealed its plans for the metaverse in an interview with The Verge. Meanwhile, the company is trying to drum up interest in the re-launch of its services.
MoviePass 2.0 essentially is throwing every digital innovation at the wall to see which ones stick. These digital tools include digital currency and the budding metaverse. It is a massive bet because it is not clear if MoviePass’ targeted customers are ready for the Web3 technologies its CEO is talking about. For example, Spikes has to satisfactorily answer whether its clients are prepared to use a movie subscription service with a headset. However, if all it takes for MoviePass to succeed is enthusiasm, Spikes has lots of it.
Speaking to The Verge, the CEO said, “Some of the players in the metaverse right now are a little game-y, when I feel like you want to just watch the movie. You don’t need fake popcorn; you don’t need tomatoes; you don’t need other things that are in there. And that’s where we’re looking at it, and it’s something we’re taking seriously that we feel we will have a presence in.” Spikes continued, “What’s great about going to the movie is it’s uninterrupted. You can’t stop it, you need to pay attention, and if not, you’re going to waste your money. And what we like about that is, it’s event viewing. And I think that event viewing can happen in the metaverse.”
Like most companies that have announced their intentions for the metaverse, Spikes didn’t get into the details about what MoviePass aims to achieve with the new technology. However, he talked about concerts and live events, which sounds like obvious metaverse applications. He also somewhat revealed that all the new shiny tech wouldn’t significantly alter what the company does. At the core, MoviePass will still help its customers obtain seats at physical cinemas. However, the company is gunning for more flexibility and an enhanced experience.
Apart from the somewhat blurry details on MoviePass’ ambitions for the metaverse, the company is yet to disclose how the movie ticketing platform will function in this new age. For instance, the company has not revealed the new pricing or if it would retain the old ones. In fact, Spikes avoided giving even a rough estimate for what users could expect to pay. All he was willing to share was the prices would be tiered. Also, you would be able to get extra credits by watching ads from Spikes’ other business, PreShow.
Spikes also claimed the new MoviePass subscription would let you bring a friend. However, that feature will depend on several factors, including peak moviegoing hours and location. Here is Spike describing the feature, “It’s a bit of a concept shift — it’s less about the price point and more creating flexibility that people can go in where they want, and then even if you’re mid-month, and you want to go more, you’ll be able to get more credits and go upstream. So it’s adding a lot of flexibility into it, where the previous model was kind of one-size-fits-all. We think that the one-size-fits-all rigidity is something that needs to change.”
Theaters have faced challenges due to the pandemic restrictions. However, many of them are cautiously returning to business as usual. Understandably, much of Spikes’ presentation was aimed at them as it tries to find its way back into an industry that has witnessed many changes. For instance, MoviePass now has to compete with theaters that run their own reward programs offering users discounts. Big names like Alamo and AMC have very similar schemes like what MoviePass has revealed so far, but Spikes has a strategy; targeting smaller theaters. “I mean, obviously those who don’t have a plan have a lot of interest in working with us. Those who do have a plan are, I think, waiting to see what we do. It’s an ongoing conversation, but definitely the lower 50 percent who don’t have millions of dollars to put out the technology that we have are leaning in and like, ‘Hey, we saw how you affected our business, when can we engage?’”
It is not often that a company is brought back from the brink, and we are excited about what Spikes will achieve with a company he co-founded.