MoviePass Teams Up with Animoca on Web3 Vision
Movie theater subscription service MoviePass has completed its seed funding round, which was led by Animoca Brands to "develop and implement the company's Web3 strategy."
❗ Why it Matters: MoviePass is the largest theatrical subscription service in existence after re-launching in 2022.
🧠 Need to Know:
- MoviePass declined to specify the amount raised through the seed round.
- The company's Web3 strategy will include "virtual reality cinema experiences" and methods of driving traffic to theaters through new technologies.
- Animoca Brands' executive chairman Yat Sui will join MoviePass' board.
🔊Yat Sui Weighs In
- Sui said of the investment, "MoviePass has a strong vision for technology in the field of entertainment and our investment demonstrates our commitment to maximizing the value that MoviePass can deliver across the film industry. With its initiatives to increase traffic to theaters, engage audiences with enhanced cinematic experiences, connect studios with their franchise characters to movie fans, and make financing more accessible to aspiring filmmakers, we believe that MoviePass will help to define the future of cinema."