MoviePass might pivot to crypto

After MoviePass’s historic implosion, subscribers to the “Netflix for film theaters” have been already cautious across the firm’s 2023 relaunch. These moviegoers could develop much more skeptical after MoviePass despatched out an e mail blast on Wednesday, which surveyed prospects about their curiosity in web3.

“Synthetic Intelligence and Blockchain applied sciences are reworking the enterprise panorama at an unprecedented tempo,” the e-mail says. “As a community-driven firm, we’d love to grasp your curiosity and data within the blockchain area.”

The survey asks primary questions in regards to the respondent’s familiarity with web3, like in the event that they personal any property like NFTs, or if they’ve a digital pockets. Clients have been additionally requested whether or not they imagine blockchain expertise is promising, and in the event that they’re fascinated about studying extra about it.

MoviePass’s potential pivot to web3 didn’t come out of nowhere. When the corporate relaunched, it raised seed funding from Animoca Manufacturers, a Hong Kong-based software program firm and enterprise capital agency that focuses on blockchain expertise. Final yr, MoviePass partnered with the Sui blockchain to permit subscribers to make funds with USDC, a cryptocurrency pegged to the worth of the U.S. greenback.

On the time, MoviePass co-founder Stacy Spikes said that MoviePass meant to make use of web3 as a method of “making moviegoing extra accessible and in a position to attain a wider viewers via deeper fan engagement.” The corporate mentioned it was trying towards providing on-chain rewards for seeing motion pictures, or permitting customers to put money into the films they see (there are not any additional particulars about how that will truly work).

It’s not clear whether or not followers need these on-chain bonuses, although, or whether or not that type of blockchain infrastructure would even assist the corporate succeed. In some circumstances, including crypto components to an organization that capabilities completely high quality with out it might probably alienate customers somewhat than entice them. Patreon additionally as soon as surveyed its users about their curiosity in crypto, however the creator membership platform was met with a clear no.

With out including in a web3 part, the new-and-improved MoviePass already turned its first-ever profit in 2023.

Whereas the primary model of MoviePass was impossibly unsustainable — subscribers might see limitless motion pictures in theaters for simply $10, lower than the price of one film ticket — the brand new iteration of MoviePass makes a extra modest supply. Now MoviePass operates on a considerably complicated credit system, the place every film exhibiting might be redeemed for a sure variety of credit, which fluctuates relying on the time of day and the format of the screening (IMAX, 3D, and many others.). For subscribers who reside in locations the place film tickets price extra, like New York Metropolis or Los Angeles, their month-to-month charge might be greater.

Final February, MoviePass introduced that subscribers had seen 1 million motion pictures via its choices, however it didn’t specify what number of subscribers it has.