MoviePass, the infamous cinema subscription service that crashed and burned in 2020, has secured a new investor amid an ambitious comeback attempt. The New York-based company announced Thursday that it had landed an investment from Forecast Labs, a venture group owned by Comcast. MoviePass did not disclose the amount invested or other financial terms. The plan is for Forecast Labs to grow MoviePass' subscriber base through TV advertising.
The service — which offered subscribers access to screenings at various movie theaters for a monthly fee — began to unravel after Helios and Matheson Analytics Inc. purchased a majority stake in the company and dramatically dropped the monthly subscription price to $9.95 instead of $30 to $50. Despite courting fame and millions of customers, the new model proved too good to be true, tanking MoviePass and its owner's stock value in about three years.