Even two years after its epic collapse, MoviePass continues to be the subscription service that simply sounds too good to be true. After shutting down its services in late 2019 and filing for bankruptcy in early 2020, the $9.99 all-you-can-watch movie service made headlines this March when a mysterious countdown appeared on MoviePass’ website, implying the app would soon relaunch despite its shady history and long-standing feud with certain theaters. Perhaps unsurprisingly, this countdown ultimately amounted to nothing, but now new rumblings about the company with a bit more traction behind them have emerged and could mean a big return is on the horizon.
According to Business Insider, MoviePass cofounder Stacy Spikes has repurchased the company after a Southern District of New York bankruptcy court judge approved the sale on Monday. Spikes reportedly placed a bid of an undisclosed amount to the trustee handling the bankruptcy of MoviePass’ former parent company, Helios and Matheson Analytics, thus obtaining the company out of bankruptcy. Spikes confirmed Insider’s findings on Wednesday, as well as expressed a renewed interest in a relaunch of MoviePass’ operations again.
“I can confirm that we acquired MoviePass out of bankruptcy on Wednesday. We are thrilled to have it back and are exploring the possibility of relaunching soon. Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights.”
While Spikes would not confirm how much he bid on MoviePass, he did tell Insider he put up less than the $250,000 minimum the trustee set in 2020. Considering Variety somewhat recently appraised the company as being worth between $1 million and $10 million, it seems the cofounder got a pretty good deal on the service, though Spikes also stated that all former customer data and email addresses were not part of the sale. If all goes according to plan, Spikes hopes to relaunch MoviePass sometime in 2022. The businessman has even created a new site for the service, iwantmoviepass.com, with an even more simplified logo front-and-center. For those interested in keeping tabs on the service — or perhaps even re-enrolling when the time comes — you can enter your email address over on the site to sign up for email updates.
Finally, if you’d like to delve deeper into the whole MoviePass saga, you should check out the Blackout Dates: The TRUE MoviePass Story podcast.
