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MoviePass Raises Funding for Relaunch and Web3 Strategy

The company plans to develop a Web3 strategy which will include VR movie experinces.

MoviePass, a service that allows consumers to view an unlimited number of films in theaters for a monthly fee, is no longer a thing of the past. The company reformed in 2022 and has now received seed funding for its relaunch. The funding round was led by Animoca Brands and Yat Siu, the company’s co-founder and chairman, is joining MoviePass’s board. Emerald Plus, Harlem Capital and Sandhill Angels, among others, also contributed.

“MoviePass has a strong vision for technology in the field of entertainment and our investment demonstrates our commitment to maximizing the value that MoviePass can deliver across the film industry,” says Yat Siu. “With its initiatives to increase traffic to theaters, engage audiences with enhanced cinematic experiences, connect studios and their franchise characters to movie fans, and make financing more accessible to aspiring filmmakers, we believe that MoviePass will help to define the future of cinema.”

MoviePass Builds Its Web3 Strategy

MoviePass plans to use the funding to create and implement its Web3 strategy, which will include VR theater experiences. The company also plans to use Web3 tech to drive up movie theater traffic. Likewise, the movie subscription service will use the funds to hasten the beta relaunch of its movie subscription service. The company plans to work with studios and theaters to provide varying ticket prices to subscribers.

Currently, the MoviePass subscription beta is running in nine U.S. cities, including Chicago, Kansas City and Indianapolis. The company is partnering with over 25 theater chains in the U.S., such as B&B Theaters and Cinepolis Luxury Cinemas. These partnerships give MoviePass’s subscription service access to nearly all theaters in the United States.

“We are expecting 2023 to be one of the most powerful film slates set to be released in years, including more estimated $100M cinematic releases since 2018,” says MoviePass CEO and co-founder Stacy Spikes. “As more fans return to the movies, we will continue to build on our vision to develop innovative technologies that enhance the moviegoing experience for movie fans, exhibitors and studios alike. And soon, we will be introducing new ways for moviegoers to experience their favorite films and engage with their favorite characters while also developing our platform into a marketplace where our members, studios and theatres can discover the future of cinema together.”

From Games to Film

Various game franchises are currently receiving film and television adaptations. The Last of Us recently debuted on HBO while Netflix is developing a Bioshock film. Additionally Death Stranding and Gran Turismo are also receiving movie adaptations.

Written By

Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.

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