Just when you thought it was safe to get back to the movies… MoviePass is back.
For those of you who don’t remember (or were too young to care at the time), MoviePass was a subscription service that allowed users to watch one movie a day for a monthly fee. While this was beneficial to moviegoers, it turned out that the business model simply wasn’t sustainable. The company went bankrupt and closed in September 2019.
But like a phoenix rising from the ashes, MoviePass is back. Or at least trying to be. The new and improved MoviePass 2.0 promises to be more robust.
But the question remains: do we care? Are millennials and Gen Z interested in going to the movies, given all the other streaming options available?
What happened to MoviePass?
If you’re unfamiliar, here’s a quick recap of what happened to MoviePass.
The company was launched in 2011 and quickly gained a loyal following among film lovers. For only $10 a month, subscribers could watch one movie a day, every day of the week.
It was an incredible deal that seemed too good to be true. And as it turned out, it was.
The company was losing money on almost every ticket sold. And considering that at its peak it had about three million subscribers a month, MoviePass gobbled up its capital very, very quickly.
MoviePass soon ran into financial trouble and was forced to raise prices and cut benefits to stay afloat. In September 2019, the company announced that it was suspending service indefinitely as “its efforts to recapitalize MoviePass have been unsuccessful to date.”
Just two months later, they officially declared bankruptcy. #awkward
Source: Giphy.com
What does MoviePass 2.0 look like?
Just three years after shutting down, MoviePass is back – or at least trying to be. The company has posted a waitlist for a beta launch in September 2022, with a few changes meant to make the service more resilient.
First, prices have risen significantly. The monthly subscription now costs $10, $20, or $30 per month depending on your location (still not bad considering the average ticket price).
Secondly, subscribers now receive a certain amount of credits that can be spent in cinemas during the month. Watching a movie during peak hours will cost more credits (and vice versa).
How pricing is changing
The company hasn’t released a ton of information about how its credit system will work, but one thing’s for sure – it will be a more stripped-down version of the previous service.
Business Insider was one of the few media outlets to specifically look at the new MoviePass price tiers. According to a recent article, they are expected to break like this:
- Basic plan: $10 per month, good for 1-3 movies
- Standard plan: $20 per month, good for 2-4 movies
- Professional plan: $30 per month, good for 3-5 movies
As you can see, how good MoviePass is depends a lot on when you go to watch movies. If you can get there during off-peak times, you will get more bang for your buck.
However, there is only one big bummer – MoviePass does not currently support IMAX movies, only standard ones. So if you’re used to seeing the big screen in all its glory, this might be the deciding factor.
Source: Giphy.com
Do millennials and Gen Z care about the return of MoviePass?
All this MoviePass 2.0 talk is great. But let’s be realistic: Millennials and Generation Z are the generation of streamers. As someone who belongs to this generation myself, I can safely say that we love our Netflix and Hulu and feel comfortable in our sweatpants on the couch. (Can I get an amen?!)
In fact, millennials and Gen Z love video streaming services so much that 91% of us say we would give up our favorite social media, food, or even fashion items before giving up our favorite video streaming service.
Which begs the question: Do millennials and Gen Z care about the return of MoviePass? I mean, are we really going to put on real pants and visit our local cinema – especially after everything that’s happened during the pandemic?
Spoiler: The data looks promising
Turns out the answer is strong… may be.
About 45% of Gen Zers and 41% of Millennials say they have had a hard time keeping good relationships with friends during the pandemic. It’s no secret that COVID has greatly changed our plans and social life – and generation Z has experienced the most stress of all.
But as the world reopens – and our desire for community grows – it won’t be far-fetched to believe that movie theaters can be the perfect place to meet up with buddies on a regular basis.
Personally, I’ve never been a big movie buff. And part of me thought that after the pandemic, I would never set foot in the theater again. But now that the restrictions are lifted and I am fully vaccinated, I have already visited the local theater several times with friends. It was a great way to “hang out” in a public place and share experiences without spending a lot of money.
And with 463,000 people signing up for the MoviePass waitlist within 24 hours of opening, I’d say enough people care about it to make it real again.
Where can you subscribe to the new MoviePass?
The MoviePass waitlist opened on August 25th and closed on August 29th. So unfortunately it is currently not active.
With more than 750,000 registrations in total, the company decided to first roll out its services to residents of Chicago, Dallas, and Kansas City. So for now it’s a beta market.
We assume that MoviePass is slow to avoid many of the mistakes it made in 2019. If you’re interested in signing up, looking at their email list might be the best way to stay up to date.
bottom line
So what’s our verdict? Should You Use MoviePass 2.0? We think so! Sure, it’s not as good as it used to be… but if you’re a big movie fan – or just looking for cheap ways to hang out with your friends – you might want to subscribe.
And for those of you who (like me) belong to the generation of streamers, who said we can’t do both? A scarier question: Will MoviePass’ new business model be sustainable enough to sustain it long-term? Time will tell.
Featured Image: Stock-Asso/Shutterstock.com
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