MoviePass has announced it will be returning as a revamped subscription-based service on Labor Day. After shutting down in 2019, the company filed for bankruptcy in 2020. Now the service is set to return in beta form in a new tiered pricing system with costs ranging from $10 to $20 to even $30 a month. Cheddar News’ Kristen Scholer and Chloe Aiello discuss what the MoviePass redo means for moviegoers and the movie industry.


Closing Bell

 Coming This Labor Day: Return of the MoviePass

All right, well let's take a look at some headlines that were watching this afternoon subscription movie going service, movie past, looking to make a return on Labor Day movie pass shut down. You know, back in 2019 filed for bankruptcy in 2020 after announcing it had seized all business operations. The company first started experiencing issues in 2018 when it was unable to obtain enough tickets to fulfill customer orders. Well now the service is set to return in beta form with a new tiered pricing system, prices are gonna range between 10 20 or even $30 a month. And for the beta version there will not be an unlimited viewing option. That's according to a report from Business Insider, which also says a wait list will be posted on movie passes website on august 25th at nine a.m. It will be open for five days and users will be able to sign up for free on a first come first serve basis. I'm gonna say one thing I do think amid this inflationary environment Chloe that movie pass could see some popularity. I'm glad you're optimistic Kristin. I was thinking about this and you know when Movie pass was doing its thing. Obviously ill fated at the time, it was one of the first, it was a disrupter in the space obviously not well accepted by movie theaters but it did kind of inspire this next round of theaters kind of mimicking movie pass. So now flash forward a couple of years later it's now a disruptor again and there are already competitors that are a bit more well established. Like for example, AMC Stubs program, I'm just curious to see whether what movie pass has to offer can compete with some of these pre existing, now more entrenched loyalty models and membership models that we have here. I think that's a good point. I also think we have to note. Um, certainly as we're 2.5 years into this pandemic that there, there has to be enough content actually coming to theaters, right enough quality content that people actually want to go out and see, not just one off movies once a season for instance, but on a regular weekly basis. I think people to get people to the theaters and get them to pay up for one of these passes, which I think when it's all said and done, if you're going to a movie on a regular basis with a family, it, you can actually save you money. I really agree. And you know with the AMC stubs a list past for example, you can see up to three movies a week. I personally to your point, can't think of three movies a week that I would want to see. So I think this is for a very special clientele. I just want to hear what else Movie Pass has to roll out. Obviously we have just the Vegas sense of what this program is going to be, but it's really interesting, definitely