• MoviePass

  Participated · Equity · Sep 2014

  MoviePass is developing Mogul, described as Hollywood’s first daily fantasy entertainment platform that turns passive viewership into active participation. Mogul lets fans predict box-office rankings, award outcomes, and sentiment scores while competing on leaderboards. The platform launched in beta and is built on the Sui blockchain, backed by Mysten Labs and Animoca Brands, and uses virtual currency and digital rewards to power its community. MoviePass received a $100 million token purchase agreement commitment from GEM Token Fund and its partner C3 Foundation to accelerate Mogul’s development. The commitment is flexible over 24 months; MoviePass controls timing and number of drawdowns and has no minimum drawdown obligation. Funds will be used to enhance platform features including data-driven competitions, digital collectibles, rewards-based gameplay, and community-led challenges. MoviePass operates a credit-based subscription marketplace that enables members to attend select new movies in theaters. The company says AI and machine-learning enhancements have optimized the MoviePass Cinematic Marketplace and driven recent growth. MoviePass surpassed one million movies seen on its platform and reported the first profitable year in its history. It claims the largest theater footprint of any subscription service, with over 3,500 locations across all 50 states and more than 97% market reach. MoviePass was started in 2011; after an acquisition in 2017 the co-founder and CEO Stacy Spikes bought the assets out of bankruptcy and re-launched the company in 2022. The company says it is continuing to invest in its cinematic marketplace so studios and partner theaters can engage directly with movie fans. MoviePass operates a movie-theatre subscription service that lets members attend select new releases and purchase tickets and seats via its app. The company is led by CEO Stacy Spikes and is based in New York. Its service is live in nine U.S. markets and has signed strategic deals with more than 25 exhibitor partners, including B&B Theatres, Cinepolis Luxury Cinemas and Landmark Theatres. MoviePass plans to accelerate a beta relaunch of its subscription service and to develop a Web3 strategy, including virtual reality cinema experiences. The company is also in discussions with studios to share learnings on increasing attendance and engagement through technology. MoviePass recently closed a Seed funding round (amount undisclosed) to support these initiatives. MoviePass operates a subscription service selling movie-ticket access, most notably an unlimited plan priced at $9.95 per month. The specifics of its pricing model have been changing frequently. Parent company Helios & Matheson disclosed in a regulatory filing that MoviePass took a demand note totaling $6.2 million, including $5.0 million in cash. The filing states the $5.0M cash proceeds were used to pay the company’s merchant and fulfillment processors and warns that failure to make such payments could cause processors to cease processing, creating service interruptions. The filing links an inability to pay a service provider to a MoviePass outage on July 26, 2018, and says the borrowed funds were used to address that outage. An earlier Helios & Matheson filing indicated the company was looking to raise up to $1.2 billion in equity and debt financing to fund MoviePass’s operations and growth. MoviePass operates a consumer subscription that allows members to see one movie a day, up to 30 per month, for about $30 a month. After signup the company mails a personalized MoviePass card and provides an iPhone/Android app to locate participating theaters and check in. Members use the app to check in at the theater and then present the MoviePass card at the box office or kiosk to receive their ticket. The service is already accepted at 93% of movie theaters nationwide. MoviePass says the subscription is the company’s core product and is also working with theatrical exhibitors on additional services to drive attendance. Financially, the company announced a new $2.2 million financing round to support its growth.

No current team members are available.