MoviePass announced a partnership with the Sui Foundation to integrate blockchain technology into the subscription service for cinemas.
MoviePass announced a partnership with the Sui Foundation to integrate blockchain technology into the subscription service for cinemas.
The partnership will enable MoviePass subscribers to use Circle's USDC to pay for subscriptions. It is expected to go live soon, along with other Sui-powered experiences coming early next year. The Sui Foundation, the group overseeing the layer-1 blockchain network that went live in 2023, is also taking an equity stake in MoviePass.
MoviePass co-founder Stacy Spikes, who bought the company back for $140,000 in 2021 after it filed for bankruptcy, said he was excited about what Web3 technology could bring to the movie business. "Web3 is key to making moviegoing more accessible and able to reach a wider audience through deeper fan engagement," said Spikes. He foresees a future where blockchain technology smooths out the entire process of watching a movie and offers fans an even more rich, interactive experience.
But the partnership's vision goes far beyond simple payment options. MoviePass intends to offer on-chain rewards, essentially rewarding users for the content they engage with. Most ambitiously, the company said it intends to let users "invest in films directly" on the Sui blockchain, which will form the underlying infrastructure.
Once hailed as the "Netflix of cinema" for its game-changing $9.99 unlimited monthly plan, the company filed for bankruptcy in 2020 on grounds of cost unsustainability. But since it relaunched this May 2023 to a more realistic credit-based system, MoviePass announced its first profitable year this February.
The Sui blockchain, created by Mysten Labs-pulled together by a team including experience from Meta's defunct Libra program. Its native token, SUI, is trading at the current $1.18, gaining over 14% in the past 24 hours.
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