MoviePass isn’t giving up the idea of offering a movie ticket subscription service despite bankruptcy in 2019. The company officially announced a relaunch earlier this week and saw its website temporarily crash after more than 30,000 people tried to join the waitlist.
The company’s co-founder and CEO Stacy Spikes told Yahoo Finance Live that the interest in MoviePass has been overwhelming so far. The official launch has been set for Labor Day Weekend.
“We’re really happy with people’s excitement about MoviePass coming back. That shows the retention that the brand has and consumer excitement,” Spikes revealed.
When it first came to the market, MoviePass promised its subscribers a certain number of free movie tickets or the ability to watch an unlimited number of projections depending on the plan. The company hoped that not everyone who subscribes to the service would use these perks, but that proved a wrong guess.
But as the number of users grew, reaching three million users at one point, MoviePass started experiencing financial troubles. The company attempted to keep its head above the water by changing plans, but the damage was already done, and the service ceased to exist in late 2019.
According to Spikes, the new version of MoviePass won’t offer unlimited plans. Instead, each subscription plan will come with a certain number of credits that can be converted into a movie ticket.