How Mission Impossible killed MoviePass
ฝัง
- เผยแพร่เมื่อ 11 มี.ค. 2020
- Why MoviePass failed?
This episode starts with a basic problem: people love going to the cinema but it’s very expensive. And, in order to solve this, one company wanted to disrupt an entire market. MoviePass tried to change the moviegoing experience altogether, with a simple idea. For a monthly fee, subscribers could go to the cinema once a day, every day. Cheap movies every day of the month? Sounds great, right? But, ironically, too many subscribers would eventually be a bad thing. MoviePass went from being a hit to entirely collapsing, in just THREE DAYS. How? Keep watching!
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I remember when moviepass came out, I refused to get one because it sounded too good to be true. I couldn’t understand why my local movie theater that charged $17 per movie would let me through with a card I was only paying $14.95 a month for unlimited movies.
Thank you for your comment! Interesting!
na.. i my local theater do had promotion for movie passport.. i can watch any of movie that i like for 2 thing... they get parking fee and i can only watch 2 movie a day.. which lucky i was just finish my MBA and relexing... that thing help with my boring day...
@@campkira you have an MBA and you can not spell. you must have meant that you just finished playing NBA PlayStation.
@@dagonming1319 I know this must be a shocker for you, but, believe it or not, other countries besides the US actually exist!
Not really the theater usually benefits of the overpriced food you buy there
I learned three things from this vid.
1. Be humble. Saying things "no one could stop us" is dumb.
2. Breakage is a thing.
3. Click baity titles will bite you in the rear.
yeah, tom cruised killed it, in less than a minute discussion of this video, less than 5mins near the end.
edit:
no need to clickbait, you have good content
The company was killed over a weekend. A weekend where a Tom Cruise movie premiered. Some things happen suddenly.
@@BitcoinMotorist STILL it sounds TOO "CLICK BAIT" and he doesn't spell out HOW the title is related... shooting yourself in the foot when you have a really GOOD succinct informative video 👍
Tom Cruise did not kill it. MoviePass's lying did. So yeah, it was a clickbait
All this debate over a title? Come on people .......
@@cujoking87 yeah. because I watched a 13 minutes video to know how Tom Cruise was involved in killing an interesting business.
Tom Cruise is responsible?
Boy was that a reach.
Try to have more confidence in your content. There’s no need for clickbait.
Tom Cruise is an actor that stars in blockbuster movies. He was in a blockbuster movie that was promoted by movie pass and lead to their system shutting down. I wouldn’t call it a reach.
Bitcoin Motorist when the title makes it sound like Tom Cruise drove the final nail it's definitely a reach.
Bitcoin Motorist you wouldn’t? Do you know what that term means?
moviepass is already dying (or in a coma at the very least) before fallout came, tom cruise just came in to stab it in the heart in three days so the title is technically correct LOL
I came to hear about Tom cruise so it is a reach
be honest with your titles.
It's a startup to gain views
Did you think a Mission Impossible cd box grabbed a knife and killed the MoviePass Ceo or something?? 😂
Can someone tell me what this has do do with Tom Cruise ??
Nothing. The title is just a click bait.
Mission impossible actor, the movie make moviepass bankruptcy
Did you guys even watch the video?
We subscribed to MoviePass and loved it while it was "robust." We went to movies that we would have never gone to, purchasing drinks and snacks. Putting butts in seats is important. MoviePass did that.
Yeah, it was good for many customers while it lasted!
no.. the whole point of these company is to get number of sub... in order to take to IPO and after that they had to fig it out what to do afterward.. the pass is working tempory unless they no long watchable.. it not surprising that it don't last long.. this is more for people who can go to the thing often... which is not everyone...
@Agent J Uber
and most of movie theater money comes from overpriced snacks and drinks
I could see it working and being profitable as a cheap $10 pass just to watch movies that have been out for weeks already (and usually have empty theaters) or underperforming movies.
People will get to experience movies they wouldn't normally watch and save money. Theaters would fill seats that aren't being filled and perhaps profit off drinks and snacks.
Come on, this was an interesting topic despite the title. Could have just used "Why MoviePass failed?" instead. I did enjoy it though, but I would have explained at the beginning how a third party company had the ability to sell tickets for another company (I.E. AMC, Regal). So from the start I was a big lost as to why these theaters would go along to honor these voucher/tickets.
Yes, that I didn't get neighter. You have to get an agreement or pay the full ticket to your customers or the movie thetaters wouldn't honor your tickets.
But then he says movie thetaters were against it, so they payed for the movie instead?
I really didn't get it.
@@mapachem4828 From the video, MoviePass was just a credit card at the end of the day. As long as the theater accepted the card and the card allowed the purchase, it would be a normal transaction like a retail credit card. The only difference was MP paid off the balance for those movie purchases which they got money from theaters for selling their data. The theaters didn't have to get involved.
An audiobook from the 1990s about business said that the number one reason companies go out of business is because they don't charge enough for their goods or services.
To be honest, Moviepass was on a suicide mission from the day it started. Surprising how so many people could not see it.
Saw it right away and used it while I could. Probably saw 50ish movies in the year that it worked.
???? Whether they saw it coming or not, why would they care? My friend was convinced it’ll last forever, I knew it was a suicide mission, we both had subscriptions.
Whats your point? Are you sad you never got it and enjoyed it?
@@santiagoqr1 dumb comment
I think it was a data play that failed
@@micahjohnsonboxing6409 That was part of their plan. But to get data, you develop a free app or something like that. User data is valuable, but not the price they paid for it. There is no way user data is as valuable as $100 a year per user. They thought they will have negotiating power with theaters and movie advertisements. But all that will work, but not at their cost.
I loved movie pass but knew it wasn’t sustainable from the start.
Thank you for watching!
When it was $35-45 a month it was. I was happy to pay it with how many movies I was watching.
ChrisbeFoSerious I saw so many movies with it. Even at that price it would have been worth it.
@@ChrisbeFoSerious This is actually kinda funny. I worked in a theatre very briefly, and the employees were actually encouraged to bring their friends in to see movies FOR FREE.
This is an actual thing at Cineplex, giving employees a card to bring their friends into see movies FOR FREE. Not just one movie a day either, you could spend all day there watching movies, again, FOR FREE.
The way it was explained was that the way that the business actually made money was through the snacks/drinks, not through ticket sales. So, theoretically, a customer paying $20/m to watch as many movies as they want, under the assumption that they are paying for snacks, is not only sustainable, but might actually be more profitable than selling individual tickets to individual movies.
Tom Cruise sees the title: "Damn, didn't know I was so personally involved in Moviepass' inevitable demise."
As a former AMC employee who worked there during movie pass's downfall it was a crazy thing to witness everyday at work
Well AMC, look how you’re doing now
I don't think something like Moviepass is the solution for move theather problems
A lot better than moviepass.
Look how anyone is doing now 🤷♂️
Rodrigo Canales I don’t know if anything will fix the crisis since production companies don’t own theatres like they used to. The best solution in a perfect world would be to implement localized entertainment industries for a few states and/or cities. Another solution could be just in societally... maybe we get rid of streaming altogether but allow online movie reviews and torrenting to still be up as an alternative... I don’t know.
It’s dying and becoming antique like Vaudeville or Burlesque (which I know there are small events or shows that include vaudeville or burlesque but it’s not mainstream anymore.) Movie Theatres may end up being like that in a couple of decades or years with California and Atlanta (and other places where certain film festivals are held) becoming, essentially, housing areas of the “real movie viewing experience” like how NYC, Chicago, The West End, and LA is for Broadway/Theatre.
They are doing so much better then movie pass and have reopened
i loved my moviepass while it lasted. I signed up in august 2017 got my card in October 2017 and my first movie I used it on was Thor 3, i saw so many movies with that card. i walked out of movies I never would have if not for the moviepass. I had such a great time.
$20 a month for 3 movies a week (including premium formats) has been awesome with AMC. That would not have happened without Movie pass. I used movie pass in its prime. good times
The Cineworld pass in the UK is AFAICT unlimited (no premium formats), but with a 90 minute gap between film starts.
The title is misleading 😂
Vandit Panvelkar Tom Cruise is the star of Mission Impossible 5. How is the title misleading?
@@BitcoinMotorist how was Tom cruise involved in it?
This video is egregiously incorrect. This guy didn’t do his research at all. So many important details are just wrong
Any particular statement that's not right?
Would you please specify what's the fact you're questioning? Maybe we can send you the source or you can click on the links here for more reference: slidebean.com/blog/startups-what-happened-to-moviepass
Slidebean: Startups 101 For starters, AMC was involved until $9.95, The service didn’t shutdown until September 2019, in LA & NYC, subs were up to $99.99 before the HMNY acquisition ..,
They also survived way way way longer than the Fallout's premier, whereas this video implied they died soon after.
“By the way, he now rents an office at WeWork”. Ouch 😬
I loved how in this video he didn't do the same analysis everyone said that the income was too little for the cost. He pointed out how the company did have plans to be more profitable in the future, but the over-expansion and burning relationships with theaters ruined them. Well done analysis.
Movie pass. We want to disrupt the cinema and movie going experience.
COVID19: Hold my beer...
I remember my aunt and uncle talking about how excited they were about their theatre getting this-my mind is oddly blown with this information I never thought I needed? I love your story telling, man. Awesome.
That's awesome! Thanks!
Great content Thank you, well done it is really fun to watch and educational.
Thank you, Husam!
April 19, 2020 AMC $4.9 Billion in Debt. Blockbuster was in a similar whole before the collapse.
This is such a unique story. Black founders, huuuuge customer base... Maaan this was quite the company.
I would add that if they tried this again in a different country and on AWS, perhaps it would be the next Netflix.
Thank you for watching!
Several EU countries have monthly subscriptions, The Netherlands has Pathe Unlimited for example...
@@nonebiz2132there's pretty much a theater chain in every country that have subscription packages.
Literally the fact that the founder is black was never discussed. And never brought up. Why does your mind immediately snap to that 😂
@kobayashi okamoto LOL
Your the man Caya thanks for making this video. Hopefully my app would make your case studies list and not the forensics list cheers
Good luck! Thanks for watching!
What's your app?
May Bizzle his app is called Grinderz
Mission impossible came out in July 2018 movie pass didn’t actually shutdown until September 2019. It didn’t just disappear in 3 days. They changed their plan and model multiple times over the year following mission impossibles release.
Thank you for watching!
Cinemas in the UK have been doing this for years, unlimited movies for like £18/month and the card gets you discounts on food/snacks in the cinema and discounts at partner restaurants etc
But are those cards an extension of one movie chain, or does it apply to multiple competing theaters?
you forgot when they auto-renewed subscriptions, even cancelled ones.
Click bait
Come on guys, I’ve lost all respect for you
Vedraj r.m “All respect?” They didn’t murder a child, they took creative license with their title, calm down.
@@michaelmcdonald8452 word.
Take it easy Karen...
Michael McDonald lol
You call clickbaiting taking a creative license??
And ‘respect’ , wow, you don’t even know the meaning of it😂😂
Look it up
ⵉⵜⵔⵓⵏⴰⵓⵜ Karen? 70+ people agree with me, no one for you.
Now who’s the real Karen 😂😂
I was a loyal MoviePass user starting from 2015 all the way until its end in 2019. Before the price dropped to $10 per month in 2017, it was a great service that I used daily. It was reasonable to pay $50 per month to watch a movie a day. However, once the price dropped, the service started to crack. Too many people joined at the same time and the app started to crash. MoviePass's height was definitely the beginning of its end.
Without strong partnerships from theaters, MoviePass was doomed from the start. They fell into the "lose money on every transaction, but make it up in volume" trap. In order to have a viable business you need to, you know, actually make a profit on what you sell.
Teacher:"Who clickbaits good content?"
Slidebean:"me"
I thought you where ganna say they failed in 3 months so you can imagine i was kinda shook when i heard 3 days.
the funny part is many short sellers got destroyed while the helios and mathios stock price went from 1-2$ to 30$ can t remember than in the end it went to 0 but the first shorts got destroyed i wanted tho short when it hit 30$ but it wasn t listed in my broker
Well done. That was a nice catch. I enjoyed your analysis. Any takes on profitability of certain movies or certain production companies, especially on signing certain talent? Just curious... How'd you figure all this out? Are you in LA and have "inside baseball" / industry knowledge?
man, this now feels like watching a natgeo doc on a big battle between dinosaurs, right before the comet landed...
I got about 8 months out of my year subscription before things started hitting the fan hard with Mission Impossible. I got out when they offered refunds for the yearly unlimited plan people and I'm so glad I did. They gave me about half the year subscription back so I paid like 50 bucks to see like 40 moves. I don't think we will ever see a service like that again, I know we got the individual chain plans now but man was Moviepass awesome where you could go to any theatre and they would pay for it. Totally stupid business plan but when the theatres refused to give them a portion of the concession sales they were doomed.
One thing that a lot of people either don't know or don't talk about (this one included) is that MoviePass also had a referral system, where a MoviePass member could send an invite link to their friends, and if their friend clicked on it, the person being referred got a free month of MoviePass.
Each person could only refer one other people, but the issue here is that, after someone was referred and signed up, they could refer someone else, and then that 3rd person could refer a 4th, and that 4th a 5th, etc etc.
I had a large friend group, in that group one person paid for MoviePass, while everyone else just referred each other, and everyone was going to see free movies. We even had a prepaid debit card with like, 4 cents on it that we used to sign up with instead of an actual card so that we wouldn't be charged if we forgot to unsub from the service after the first month.
Great video! Amazing content!
Thanks, Rodrigo!
There's no way they could have survived once they lowered the subscriptions to only ten dollars a month.
Man, that was honestly such an amazing train wreck and I loved every second of it. My local independent theatre is a hub for my social circle. When they were added on the app I signed up.
Most of the time before MP I would just hang at the bar. After MP, if I was even remotely interested in whatever was playing that night, I would get a ticket. If I didn’t like the film, I’d just go sit at the bar like normal.
I saw it as a win, my local theatre got an extra $60 or so a week and I didn’t have to really change my habits whatsoever.
It was pretty obvious for a while that it was unsustainable, but I was there for the ride. When that theatre stopped accepting the MP card I promptly cancelled, then it was dead in like a month.
The CEO is the brand ambassador of bad luck. "btw now he rents an office at wework" sums it up.
2:12 does no one audit these before posting or even pay attention to the script? $15=/$50
When it first started it was $50 then when they got more subscribers it dropped to $15
@@eyelikehurdles That's not what is going on here.
≠
😂😂I was watching a SQL video right now but I saw a Slidebean thingy at the corner of my right eye so I guess SQL can wait for now
This is the stuff that makes my day! Thanks, man.
This was great, I miss movie pass. 10$ a month for unlimited movies
SELECT * FROM MOVIES;
When my dad got MoviePass my dad was going the movies twice a week.
I have to say, this is a fascinating TH-cam channel. The host explains economic concepts really well to those of us who don't know that much about it.
in france we have cinema franchise wich have their own card with "all you can eat" movie for a monthly subscription. but the system is viable as the card is only valid in their own brand/group and have your photo on it.
What is the best way to pitch a bigger company to use my product/service?
josim8908 show them how good it is, and how they’ll benefit from your product. Maybe send them some of your products so they can test it out.
Hi, Josim! Ask this to Caya on Discord! Slidebean.com/Live
Research/read about Spin selling
Awesome video as always👏🏻👏🏻
Thanks, dude!
Thank you!
Thank you Caya, for another good video.
And the award for most misdirecting thumbnail goes to slidebean
He’s one movie star who survives in the industry by making one movie series.
How could such a business model fail? Buy high, sell low... oh, wait...
Yeah I'm no business genius, but I didn't think asking people to pay for $14 for the month while you pay $16-20 multiple times a month on their behalf was the right idea on making money.
Ahahaha yes it was retarded from the beginning.
You know what pisses me off? Your title suggests Tom Cruise killed MoviePass...so intrigued, I watched the entire video only to find out that the Cruise info came right at the end...lasted only seconds...and he had little to do with it. You deceived me, and I don’t appreciate it, and I probably won’t watch any more of your videos. Up yours.
okay, karen
@@lunarsann5499 it's pronounced TWAT
First time?
ディージェイLunarSANN So, I’m a “karen” because I have a dissenting argument. Pretty shallow to me. I guess I could play the “karen” card with you, because you disagreed with me, eh?
MrIHadToDoIt Last time.
knowing how expensive movies have become today, how could such a model work
One would think that extra movie goers would lead to more concessions sales which would surely make up for the loss in ticket sales. Moreover, just because a person sees 3 movies per month with movie pass, it does not mean they would see the same number w\o movie pass. And, there is no greater cost for screening a film with 1 person or 100 people in the theater.
you are correct on that. i think amc was more scared on what the company can do with pricing. again amc didn’t really have any negative impact from this company because moviepass still had to pay the price of the movie ticket to amc while amc got more people to come in and buy concessions more since they were saving in money as well as buy more movies because after about a week movies before less value to people who already found it interesting.
Funny thing is over here in the UK, one of our cinema chains Cineworld, do a similar service. It's called Unlimited, and you pay a little bit more than the cost of a single ticket per month and you can see as many films as you like. You can spend all day every day in the cinema if you like. Don't know how this has been going so long without issue where Moviepass failed miserably.
I worked for a catering company and when drinks or stuff is free you have a ton of people but even if you charge 2 dollars for something that is clearly worth more the very same people bolt , lesson is actually thought they will see mission impossible for free opening weekend
Thank you for watching!
Cineworld in the UK have their own pass (though you do have to sign up for a full year and is tiered). This works. (Odeon have their own too, not sure about Vue.) It's also not limited to one per day, and it seems to actually work.
I saw theater employees having to troubleshoot moviepass users cards that were not working essentially having to work for the moviepass company without getting paid.
I've been a subscriber of AMC A-List since they launched, have been to at least 2 movies per week!
Moviepass was so good! I got in almost the first day it came out. I saw every movie that came out and the theater treated my pass usages as cash. No joke, my Emagine loyalty card had about 35 free Popcorn uses and 10 free movies before the end of movie pass. I predicted that it was too good to last and for once I got the most out of something.
Yup same the good ol times
I got MoviePass when it was $35 a month, then upped to $45 a month and I was watching so many movies it was till worth it... they when they dropped it to $9.99 I couldn’t believe it and knew it was the beginning of the end. Those 2 years I had it were amazing though.
I honestly cant go a week without a video from Slidebean . Keep up the good content..
Me too ahahaha, always waiting for a new one. I sleep and wake up watching Caya. He's a great anf charismatic CEO and person. All the best towards him, from me in Angola 🇦🇴🌍
Thank you so much, you guys! Your feedback makes our day!
You are amazing!
Thank you!
Your videos are my masterclass of entrepreneurship!
Happy to hear that!
What about a video on startup success? Such as fitbit
I feel that the whole thing around forensics is dead companies. I don't know if we're ready to move into live ones.
@@cayahere you're the guy man. I've been watching you from Angola 🇦🇴 in Africa. You've been very supportive and a distant mentor for me while I'm designing my tourism startup. If I succeed, you'll have credits on it. So keep on doing the great work, and I'll definitely use Slidebean as a payback. And keep being that humble and charismatic person and CEO. Hope one day you visit the Ecosystem here in my country
We already created one about The North Face! Check it out! th-cam.com/video/tlk3uF6yI5g/w-d-xo.html
@@slidebean Create more about successes.
@@slidebean the north face and Patagonia are such inspiring startup stories
"who owns a printer anymore?"
Me as Indonesian: Ummm, us?
Weird flex but ok
Indian here. My father owns two LaserJets and one of them is 1018 😁
The problem was not the issues, it was a technology issue,
they underestimated how much tech would need to go into the project.
Tech can always be upgraded this is the least of the problem. The issue here was bad business from the start. The model wasn't sustainable and money was lost somewhere, and it wasn't in the movie theatres' interest to lose money.
The issue was a bad business model and poor practice by the people upstairs. How can you tell your subscribers (customers) to watch #missionimpossible knowing full well this particular movie was blocked.
All businesses will have to rely on repeat business if you want to sustain and grow your company. If you're being duped - would you go back and pay your subscription fees month after month?
@@dealloc Tech can't always be upgraded, when you have technical debt, you can't win by pushing more hardware or putting more people in the team. But it wasn't only technology problem, thou.
If They Launched In China & India They Would Have Been Still Alive .
Thank you for your comment! Interesting!
Care to explain how?
Narayana Murthy Puppala well if they launch in china alone and 1 out of every 25 people buy it, they can still make over 700 million on the cheapest option alone
New sub here! Cool channel!
Thanks for the sub, Arturo!
I remember those good old days when for 2 months i went to the movies at least 5 times a week
How horrible was AOL?! I was across the room disconnecting a monitor when he said "AOL." I stopped in my tracks and the hair on the back of my neck stood up. _"You've got hell."_
Weirdly enough, the initial time ads of it came to me(I'm in India), I thought it was an online streaming service.
I find this story really funny because in Hamburg, Germany the two biggest movie chains (Cinemaxx & UCI) both have „unlimited“ cards. You pay a monthly fee and you can watch as many movies as you like. They know that 90% of their income isn’t the tickets but the beverages and adverts. I don’t understand the US and their problems...yet again
Guys, your content is awesome. No need to clickbait.
Can you make presentations like these videos with slidebean?
Hi. We don't use Slidebean to produce our videos. We use After Effects and Final Cut Pro :)
Really awesome video deep diving in the specifics. Thank you so much.
You're very welcome!
I like how you talk about a company that misled its investors. While the title of this video misleads its viewers.
They are coming back?
As an avid moviegoer in NYC I milked this Card as much as I could... 4 or 5 movies a week until things got shakey. Was a good time but knew it wouldn't last.
I saw the end of movie pass coming the moment I signed up. I just decided I’d watch as many 10 dollar a month movies as I could until it ended lol. I literally canceled my membership one month before collapse
It would have been interesting if the theatres gave MoviePass a commission for food/drink purchases
9:30 Why they could not use an equiring like stripe?
I got onto moviepass so fast. It was very helpful while I was homeless. I could sleep through movies all day in way better seats than my car.
I was for sure going to take advantage of this guys hope to sell a userbase. I would delete and install the app every day though so it wouldn't track my location to sell.
There has been a very recent and extremely big update in this story... it's HUGE... might be worth a follow up video
In addition to trying to force negotiations on lower ticket prices, Moviepass also attempted to extort the theatre chains into giving it a nice piece of concession stand sales, or else it wouldn't let its users see movies there anymore. Yeah, so surprising they made zero friends.
What I don't understand is why theater chains when seeing the growth of the sub model don't just cut out the middleman and not sure how movie pass planned on dealing with that problem. That way the theater chains they can build customer retention with their inhouse model without worrying about about some third party trying to reach critical mass and start dictating prices. Working with moviepass before it reaches critical mass would be akin to proactively looking for Nigerian royalty and offering them your bank info.
3 days??? Bruh i had it for like a year + i finessed so many movies normies gotta ruin somethin else once again 😫
I remember this whole shit I went to the theater to see mission impossible when the whole thing fell apart I was pissssed lol
Even with Uber and Airbnb your subs need to be in possession of an asset like a car or house to make it work. Movie pass users owned nothing. Just banked on other private businesses to play along. They were a broker for an industry that required zero brokering.
Just saw this
It's kind of ironic that subscriptions are about to disrupt that market again
I have learnt one thing to succeed, you do not necessarily have to have the best product or a great product
You need
The right market
A disruptor
The right backers
And most importantly the right time and circumstances
Like covid for example shoes is we can work from home and still enjoy it, and there are so many movies on apps, so why do we need offices or theaters
The Tom bait was hard
Movie pass was soooooo AWESOME. I miss it
I watched so many movies with MoviePass, it was amazing while it lasted
Printers are evil beings
are you leaning on a table? nothing wrong with it, just curious. btw keep up the great work you guys do.
@9:33 "MasterCard could only ship 35000 to 50000 cards a week". MasterCard... Really? The company that's in my autocomplete dictionary because they're MasterCard
So blackmailing movie theaters without previous arranged partnerships and pissing them off doesn't work? They did change the movie theaters with AMC, Regal and Cinemark directly with more infastructure to make up in back end and restrictions though.