The company which began in 2017 allowed subscribers to purchase multiple movie tickets each month. Millions of customers were initially drawn in with a subscription fee of $10 per month even though MoviePass still had to pay theaters the full cost of tickets.
With the cost of tickets reaching $15 in some cities, MoviePass soon learned that its plan was unsustainable and shut down in 2019. After its collapse, chains such as Cinemark, AMC and Regal started their own subscription programs.
Original co-founder Stacy Spikes told Axios he thinks MoviePass could help the rejuvenation of movie theaters and that he believes it could account for 30 percent of ticket sales in the U.S. by 2030.
The new service will have three pricing tiers of $10, $20 and $30. Each level will have a certain amount of credits to be used toward movies at major theaters across the country each month, MoviePass says. The subscription service says prices and their launching process will vary by market.
“Markets will be launched in waves. The launch determination will be weighted on level of engagement from the waitlist in each market as well as locations of exhibition partners,” MoviePass said on its website.
According to the MoviePass website, the company’s new app will be accessible by invite only. Those who join a free waitlist will reportedly be given priority access to the service, with the waitlist appearing Thursday and staying open for five days.
The MoviePass website states that previous MoviePass members who were on the waitlist will receive credits to their account when joining the new service.
The Associated Press contributed to this report.