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Once On The Brink Of Bankruptcy, Stacy Spikes' MoviePass Signs Up Nearly 500k Users In A Day

The movie subscription platform is facing a complete revival after almost going defunct.

Everyone loves a comeback story, and it seems like it’s high-time for Stacy Spikes’.

In January 2018, Spikes’ movie subscription company MoviePass made headlines when it went from being a fan favorite to its parent company falling by over 99.99%, leading to losing hundreds of millions of dollars.

Now, less than five years later, it’s making a triumphant return. The company released a waiting list for users to be alerted when subscription sign up would available again, and it received more than 500,000 users leading its site crashing.

In an interview with Indiewire, Spikes said it’s a great problem to have. “We are drinking from the firehose.”

Although the company is showing early signs of viability, there are still some hurdles to overcome, namely competing against movie theaters that have developed their own subscription services.

“When I bought MoviePass back, in November, I reached out to all three (of the big theater chains),” he said. “I had conversations with Cinemark, I had conversations with Regal, and Adam (AMC owner) didn’t call me back.”

He also shared his thoughts on how he feels about the stiff competition: “If I was an exhibitor, why would I care?” Spikes said. “If it helps me fill my seats — especially when I’m looking at bankruptcy, I’m looking at shutting theaters, I’m looking at closing my doors — it seems like madness to think, ‘I don’t want to play with anyone else.’”

The waitlist is now closed, but those interested still have a chance to sign up through an invitation “from a friend,” the website reads.