MoviePass Co-Founder Buys Back Bankrupt Subscription Service
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More than two years after its implosion, the movie theater ticket subscription service MoviePass may be back from the dead in a matter of months, Insider reported Thursday. One of the ill-fated company’s co-founders, Stacy Spikes, successfully bought back the bankrupt company earlier this week. “I can confirm that we acquired MoviePass out of bankruptcy on Wednesday,” Spikes said in a statement to Insider. “We are thrilled to have it back and are exploring the possibility of relaunching soon.” He added he hopes to relaunch the service sometime next year. Spikes, who was reportedly fired in 2018 after raising concerns about MoviePass’ rapid downward trajectory, would not disclose the amount he’d bid in order to get the company back. He did, however, tell Insider the amount was lower than $250,000. Spikes added he hopes to relaunch the service sometime next year. MoviePass was founded in 2011, but catapulted to unbridled popularity in the summer of 2017 just before it dropped its unlimited-ticket subscription fee to an unsustainable $10 per month. Lower than the price of a single movie ticket in certain areas, the fee meant that the company was losing money on every customer.