MoviePass became a cultural phenomenon—then imploded under new ownership. Founder Stacy Spikes bought the brand out of bankruptcy for ~$140K, relaunched, and delivered profitable 2023 and 2024—now unveiling Mogul, a fantasy-sports-style game for movies that could 10x ARPU versus subscriptions. In this episode, Spikes recaps the original data behind movie subscriptions (111% lift in theater attendance; concessions tailwind), what broke during the $10-per-month era, and why MoviePass 2.0 pairs a sustainable, any-theater subscription with a knowledge-based gaming platform (salary cap, leaderboards, seasonal play). We cover unit-economics realities (why exhibitors can subsidize with F&B and MoviePass can’t), core user behavior and demographics, state-by-state fantasy rules, and the thesis that theatrical is still the #1 out-of-home entertainment globally. Investors get the scale path; founders get lessons on resurrecting a beloved brand—this time with the right business model.

Highlights include…

• The rise, fall, and return: why the $10 unlimited era failed—and what’s different now
• Data that started it all: subscription → +111% moviegoing; concessions economics
• Why Mogul (fantasy/prediction game) = higher ARPU, stickier engagement
• Subscriptions vs. exhibitors: pricing power, F&B offsets, and sustainable margins
• Core user profile & frequency patterns; seasonality
• State-by-state rules for knowledge-based contests (daily fantasy analog)
• Building a bigger ecosystem: MoviePass + Mogul

Chapters
00:00 Intro & why MoviePass still matters
00:28 The cultural phenomenon & collapse
01:20 Buying the brand back (~$140K) and relaunch
03:22 Founding logic: subscription → more attendance
04:42 What went wrong with $10 unlimited
07:28 Fraud era, bankruptcy, and reset
08:01 Profitable 2023/2024; what changed
11:22 Unit economics vs. theater F&B
12:38 Pivot to Mogul (fantasy/prediction)
14:46 Knowledge-based contests, ARPU potential
17:33 Current sub business: usage, demos, seasonality
20:46 Growth plan & ecosystem vision
22:52 Why theatrical is still king
28:37 How to learn more & invest