Just as MoviePass seems to be getting back on its feet, it hints at a potential shift to the web3 space, further stirring caution amidst its subscribers. An email issued to customers quizzed them on their blockchain knowledge and interest, highlighting possible plans to incorporate AI and Blockchain technologies into their offerings.
It seems the integration of web3 to the streaming service wasn’t completely unexpected. The seeds for this move were likely sown when MoviePass, during its relaunch, obtained funding from blockchain-savvy Animoca Brands. They even experimented with crypto features in partnership with Sui blockchain, enabling subscribers to make payments in USDC, a price-pegged cryptocurrency.
MoviePass aims to leverage web3 to widen its consumer base through “increased access and enhanced fan engagement”. Under consideration are on-chain rewards and giving users a chance to invest in the movies they watch. However, it remains to be seen if the subscribers welcome these blockchain benefits.
Some platforms, such as Patreon, have found that incorporating crypto can repel existing users. Despite the ongoing web3 exploration, MoviePass turned a first-ever profit in 2023 without any blockchain integration. The new model, though somewhat perplexing, ties movie viewings to a credit system that adjusts according to showtimes and viewing formats.
MoviePass’s move to a blockchain model hangs in balance, especially when the benefits it might bring remain uncertain.
Original source: Read the full article on TechCrunch
