MoviePass Crypto: Could the Movie Ticket Service Pivot to Blockchain?

MoviePass Explores Web3 Integration Following Relaunch

Following the previous failure of MoviePass, initial reactions to its 2023 relaunch were marked by caution among former subscribers. This skepticism may deepen as MoviePass recently distributed an email requesting customer feedback regarding their interest in web3 technologies.

Surveying Customer Interest in Blockchain

The email highlighted the rapid transformation of the business world through Artificial Intelligence and Blockchain technologies. MoviePass emphasized its commitment to being a community-driven company and expressed a desire to gauge customer understanding and interest in the blockchain space.

The survey itself included questions designed to assess respondent familiarity with web3. These questions covered ownership of digital assets like NFTs and possession of a digital wallet.

Previous Web3 Ventures

MoviePass’s exploration of web3 isn’t entirely unexpected. The company’s relaunch was supported by seed funding from Animoca Brands, a Hong Kong-based firm specializing in blockchain technology and venture capital.

Furthermore, MoviePass previously established a partnership with the Sui blockchain. This collaboration enabled subscribers to utilize USDC, a cryptocurrency valued at par with the U.S. dollar, for making payments.

Aims for Enhanced Fan Engagement

Stacy Spikes, a MoviePass co-founder, previously stated the intention to leverage web3 to broaden access to moviegoing and foster greater fan engagement. The company indicated plans to explore on-chain rewards for attending films and potentially allow users to invest in the movies they watch, though specific details remain undefined.

Potential Risks of Web3 Integration

The demand for these on-chain incentives remains uncertain. Introducing blockchain infrastructure to a functioning business may not guarantee success and could potentially alienate some users.

A similar situation occurred with Patreon, which surveyed its user base about crypto integration and received largely negative feedback.

Profitability Without Web3

Notably, the current iteration of MoviePass achieved its first-ever profit in 2023 without incorporating web3 elements.

The Current MoviePass Model

Unlike the original, unsustainable model that offered unlimited movies for a flat $10 fee, the relaunched MoviePass employs a credit system. The number of credits required per movie varies based on factors like time of day and screening format (e.g., IMAX, 3D).

Monthly subscription costs are adjusted based on local movie ticket prices, with higher fees in cities like New York City and Los Angeles.

Recent Milestones

MoviePass announced in February that subscribers had collectively viewed 1 million movies through the platform. However, the company has not disclosed the total number of active subscribers.

Key Takeaways

• MoviePass is actively exploring integration with web3 technologies.
• The company previously partnered with the Sui blockchain and Animoca Brands.
• The success of web3 integration is not guaranteed and could potentially alienate users.
• MoviePass achieved profitability in 2023 using its current credit-based system.