MoviePass says it has raised the seed financing necessary for the beleaguered company to begin its relaunch. The initiative was led by Animoca Brands with participation from Claritas Capital, Emerald Plus, Gaingels, Harlem Capital, PKO VC and Sandhill Angels. Animoca Brands’ executive chairman and co-founder Yat Siu will join the board of MoviePass.
MoviePass says it will use the new funding to accelerate the beta relaunch of its movie theatre subscription service, and to develop and implement the company’s Web3 strategy, including virtual reality cinema experiences and using technology to drive traffic to theatres. MoviePass will also collaborate with theatre exhibitors and studios to offer variable ticket pricing to movie fans.
MoviePass says it has the largest footprint of any theatrical subscription service featuring nearly 100 percent of the theatres in the US market, giving customers the greatest choice in theatre selection. The company has developed strategic partnerships with more than 25 theatre chains including B&B Theatres, Cinepolis Luxury Cinemas and Landmark Theatres. These mutually beneficial partnerships enable moviegoers to buy tickets, select seats and receive promotional offers directly via the MoviePass app.
The MoviePass beta is now live in nine U.S. markets including Atlanta, Chicago, Dallas, Houston, Indianapolis, Kansas City, Oklahoma City and Tampa Bay. MoviePass is also in discussions with studios to share key learnings on increasing attendance and driving better engagement through technology.
“We are expecting 2023 to be one of the most powerful film slates set to be released in years, including more estimated $100M cinematic releases since 2018,” said MoviePass CEO and co-founder Stacy Spikes. “As more fans return to the movies, we will continue to build on our vision to develop innovative technologies that enhance the moviegoing experience for movie fans, exhibitors and studios alike. And soon, we will be introducing new ways for moviegoers to experience their favorite films and engage with their favorite characters, while also developing our platform into a marketplace where our members, studios and theatres can discover the future of cinema together.”
MoviePass continues momentum towards a nationwide relaunch. In September 2022, the waitlist for the company’s beta subscription service amassed nearly 800,000 sign-ups in five days, and MoviePass announced its initial beta markets of Chicago, Dallas, and Kansas City. Since then, the company says it has continued to expand the number of beta markets and build out its network of exhibitor partners, signing deals with more than 30 percent of exhibitors in the U.S. to date.
“MoviePass has a strong vision for technology in the field of entertainment and our investment demonstrates our commitment to maximizing the value that MoviePass can deliver across the film industry,” said Animoca’s Yat Siu. “With its initiatives to increase traffic to theatres, engage audiences with enhanced cinematic experiences, connect studios and their franchise characters to movie fans, and make financing more acessible to aspiring filmmakers, we believe that MoviePass will help to define the future of cinema.”