MoviePass Secures Seed Funding to Support Beta Relaunch

MoviePass relaunched a beta program in September.
MoviePass

MoviePass, which once dominated the movie ticket subscription industry, announced Thursday it had secured seed funding to help its beta relaunch, and it has expanded its beta program into nine US cities. The service is now live in cities like Atlanta, Chicago and Tampa Bay.

The new funding will help MoviePass develop and implement new technology, like virtual reality cinema experiences.

“As more fans return to the movies, we will continue to build on our vision to develop innovative technologies that enhance the moviegoing experience,” Stacy Spikes, MoviePass CEO and co-founder, said. “Soon, we will be introducing new ways for moviegoers to experience their favorite films and engage with their favorite characters…”

Animoca Brands, a game software, blockchain and venture capital company, led the financing efforts. Other companies, like Claritas Capital, Emerald Plus and Harlem Capital, also helped securing funding, but MoviePass didn’t say how much funding was secured.

“MoviePass has a strong vision for technology in the field of entertainment,” Yat Siu, executive chairman and co-founder of Animoca Brands, said. “We believe that MoviePass will help to define the future of cinema.”

MoviePass has gone through several iterations throughout the years. The service once offered a $50 a month subscription that allowed moviegoers to watch unlimited films. MoviePass initially shut down in 2019 but relaunched this past September.

For more, here’s what to know about MoviePass’s relaunch.

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