MoviePass founder Stacy Spikes buys the company out of bankruptcy and prepares for its comeback

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Movie Passthe groundbreaking black-owned subscription movie ticketing service is making a comeback.

Initiated reported that the relaunch of the popular service saw nearly 500,000 signups last week on its waitlist. The first 24 hours were particularly exciting for the founder and CEO of MoviePass, Stacy spikeswho managed to get the company out of bankruptcy last November.

“We are thrilled to see this level of excitement and look forward to getting back to work driving traffic to theaters,” Spikes told the outlet, adding that the server crashed for two and a half hours in reason for the 30,000 registrations. in the first five minutes.

Last Thursday, MoviePass opened a waitlist for people to jump at the chance to receive priority access to the service and 10 friend invites. The website urged, “space is limited, don’t wait” as the waitlist will close when the timer reaches: 00 on Monday, August 29 at 11:59 p.m. ET, or while supplies last.

The new MoviePass Beta app will be accessible by invitation only. On Labor Day, September 5, people who have signed up for the waitlist and invited friends will be able to start buying tickets for the movies they want to see in theaters.

Founded in 2011, MoviePass amassed 3 million subscribers in less than a year thanks to its offer of $10 to see a movie a day for an entire month during the summer of 2017, according to CNN Business. After spending millions of dollars, MoviePass shut down in September 2019 and its parent company, Helios and Matheson Analytics (HMNY), filed for bankruptcy in 2020.

The outlet, which describes the service as “one of the industry’s most notorious flops,” posed the question, “Will MoviePass and its new management finally meet its Hollywood end?” create a lasting business that could change the cinematic landscape forever?”

The latest model offers monthly subscription prices at $10, $20, or $30. Each subscription option will give the user a certain number of credits to use for movies.

As the theater industry tries to attract more guests, MoviePass is once again in the spotlight.

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