From Movie Tickets to Blockchain: Is MoviePass Betting on the Future or Chasing Shadows?

After its historic implosion, MoviePass has been walking on thin ice. The “Netflix for movie theaters” relaunched in 2023, but subscribers remain wary. Now, the company is stirring the pot again—this time with a pivot to crypto. On Wednesday, MoviePass sent out an email blast surveying customers about their interest in web3. The email boldly stated, “Artificial Intelligence and Blockchain technologies are transforming the business landscape at an unprecedented pace.” But is this a visionary leap or a desperate Hail Mary?

“As a community-driven company, we’d love to understand your interest and knowledge in the blockchain space.”

MoviePass Email Blast

The Crypto Survey: What’s MoviePass Really Asking?

The survey dives deep into customers’ familiarity with web3, probing questions like:

• Do you own NFTs or digital assets?
• Do you have a digital wallet?
• Do you believe blockchain technology is promising?
• Are you interested in learning more about it?

These questions aren’t just casual curiosity—they’re a clear signal that MoviePass is exploring a blockchain-powered future. But will customers bite?

The Web3 Connection: A Strategic Partnership or a Shot in the Dark?

This pivot isn’t coming out of nowhere. When MoviePass relaunched, it secured seed funding from Animoca Brands, a Hong Kong-based blockchain powerhouse. Last year, MoviePass partnered with the Sui blockchain, enabling subscribers to pay with USDC, a cryptocurrency pegged to the U.S. dollar. Co-founder Stacy Spikes even hinted at a future where users could earn on-chain rewards for watching movies or even invest in the films they see. But how? The details are still murky.

“We intend to use web3 as a means of making moviegoing more accessible and able to reach a wider audience through deeper fan engagement.”

Stacy Spikes, MoviePass Co-Founder

The Big Question: Do Moviegoers Even Want Crypto?

Here’s the kicker: adding crypto elements to a company that’s already functioning fine without it can backfire. Remember Patreon? They surveyed users about crypto integration and were met with a resounding NO. MoviePass, however, is already turning a profit without web3. In 2023, the company celebrated its first-ever profit, thanks to a revamped credit system. Subscribers now use credits to redeem movie tickets, with costs fluctuating based on time, format, and location. It’s not perfect, but it’s working.

The Bottom Line: Is This a Win or a Warning?

MoviePass’s pivot to crypto is a bold move, but it’s also a risky one. While blockchain technology offers exciting possibilities, it’s unclear whether moviegoers are ready to embrace it. The company’s current model is already a step up from its unsustainable $10-for-unlimited-movies days. But will adding crypto alienate its core audience or attract a new one? Only time will tell.

One thing’s for sure: MoviePass isn’t afraid to take risks. Whether this gamble pays off or crashes and burns, it’s a story worth watching—both on and off the screen.