Sui Unveils New Partnership and Equity Stake in MoviePass
PALO ALTO, Calif. and SINGAPORE, Sept. 17, 2024 (GLOBE NEWSWIRE) -- TOKEN2049 -- Sui Foundation, the foundation dedicated to the promotion and growth of Sui, the smart contract platform and Layer 1 blockchain, today announced a partnership with MoviePass Inc. at TOKEN2049 Singapore. Sui Foundation is also taking an equity stake in MoviePass as part of the agreement. MoviePass is the leading movie subscription platform focused currently on the US market, and recently featured in the HBO documentary MoviePass, MovieCrash. MoviePass relaunched in 2023 and achieved profitability that same year.
As a result of Sui and MoviePass’s collaboration, MoviePass will be able to accept payment in native USDC, allowing MoviePass members to sign up for the subscription service using the stablecoin. Native USDC will be coming to Sui soon, opening the door for any Sui application to initiate transactions with the stablecoin.
The partnership will also enable deeper fan engagement. Future experiences will include fans’ ability to invest directly in films. MoviePass will also offer its members on-chain rewards for their engagement, the ability to purchase unique digital collectibles and participate in fan staking.
“Moviegoing is the number one out-of-home activity and we believe that the global moviegoing audience is a massive untapped community,” said Stacy Spikes, CEO and Co-founder of MoviePass. “Web3 is key to making moviegoing more accessible, and enabling it to reach a wider audience through deeper fan engagement and rewarding them through digital assets that can turn into physical value. Our mission is to inspire the global moviegoing community through technology and innovation.”
“Stacy’s vision is perfectly aligned with what Sui was built to do. MoviePass is looking to build a transparent and engaging platform for movie creators and fans to meet, collaborate and build mutually beneficial relationships,” added Gap Kim, Head of Marketing at Sui Foundation. “Sui is designed to be a universal coordination layer and MoviePass will be able to take advantage of that while bringing Sui’s capabilities to your everyday cinema lover. It’s an experience that will connect with everyone on a human level, and we’re excited to partner with MoviePass to bring it to the world.”
MoviePass says that payments with native USDC on Sui will be available soon, with additional Sui-powered experiences for the MoviePass platform coming in early 2025.
Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io
MoviePass
MoviePass is a technology platform enhancing the exploration of film and the moviegoing experience. Started in 2011, MoviePass quickly became the nation's premier movie theater subscription service, providing film enthusiasts with the ability to attend select new movies in theaters across the United States. After leaving the company when MoviePass was acquired in 2017, MoviePass’ Co-Founder and CEO Stacy Spikes bought the company’s assets out of bankruptcy and re-launched the company nationwide in 2023. To learn more, visit moviepass.com.
Contact
LaunchSquad for MoviePass
Gavin Skillman
gavin@launchsquad.com
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