Chris Welch reviews the new Sonos Ace headphones, detailing their impressive sound quality and performance. He dives into features like noise cancelation, comparing them to competitors. Stacy Spikes, CEO of MoviePass, shares the gripping story of the company's rise and fall, exploring the pitfalls of corporate greed. Finally, Jennifer Pattison Tuohy answers a pressing question about smart home gadgets for renters, focusing on innovative solutions like smart locks that make home automation more accessible.
Sonos Ace headphones offer a distinct audio experience with divisive app redesign.
MoviePass's downfall showcases corporate greed and unsustainable subscription model.
Smart home gadgets for renters like Yale Approach lock offer convenient security solutions.
Deep dives
The Rise of MoviePass and Its Downfall
MoviePass was founded in 2011 by Stacey and Hemiwat, starting with 20,000 subscribers. It offered an all-you-can-watch movie theater subscription at $10 a month. However, the company's rapid growth and unsustainable model led to a massive loss of $250 million, ultimately shutting down. The documentary 'MoviePass Movie Crash' delves into the wild corporate greed, bad decisions, and internal struggles that contributed to its downfall.
Mitch Lowe, Ted Farnsworth, and the Price Experiment
MoviePass's partnered with Mitch Lowe and Ted Farnsworth, intending to collect and sell user data back to theater chains. The $10 per month subscription model was unsustainable, leading to erratic rule changes and alleged interference with the service to discourage users from watching certain films. Lowe and Farnsworth's ambitious plans to profit from MoviePass's large subscriber base and negotiate with theater chains ultimately failed.
Founder's Perspective and Racial Bias
The documentary explores the role reversal of MoviePass's founders. Mitch Lowe and Ted Farnsworth were initially perceived as the leaders, overshadowing true founders, Stacey Spikes and Hemiwat. Mutali's storytelling technique reveals the vulnerability and biases surrounding tech company leadership and challenges assumptions about race and position within the industry.
Sustainability and Business Model Challenges
MoviePass struggled due to its unsustainable business model centered around a $10 per month all-access pass. The rapid growth, lack of profitability, and unrealistic pricing led to its financial collapse. Founders and directors, Stacey Spikes and Mutali, believe that adjusting the pricing model early on could have potentially saved MoviePass from its eventual demise.
Revolutionizing MoviePass Pricing Strategy
Experimenting with variable pricing points and utilizing a credit system, the CEO revitalized MoviePass financially, aiming to find the optimal price point that balances customer retention and revenue generation. By testing different pricing zones and leveraging machine learning and AI, the company achieved profitability amidst industry challenges.
The Future of Movie Theaters and Cinema Appreciation
Despite industry shifts towards streaming services and declining box office numbers, the podcast reveals a resilient belief in the cinematic experience. Emphasizing the cultural significance and communal aspect of theaters, the discussion highlights the need to reevaluate the focus on box office numbers and prioritize storytelling. Proposing a shift in perspective to appreciate cinema beyond profit metrics, the conversation underscores the potential for a new golden age of storytelling with technology enhancing, not overshadowing, the theater experience.
28:58 - MoviePass, MovieCrash director Muta’Ali and MoviePass CEO Stacy Spikes discuss what went wrong with the MoviePass subscription service and how that story was documented in the film.
