Inside Startup Investing with Chris Lustrino

Author: Kingscrowd, Sam Fiske

Join Chris Lustrino as he talks to startup founders, angel investors, fund managers, investing platform executives, and more about the online private markets. Inside Startup Investing gives listeners the inside scoop on alternative investing such as startups from an investor and founder perspectives.
Be a guest on this podcast

Language: en-us

Genres: Business, Investing, Technology

Contact email: Get it

Feed URL: Get it

iTunes ID: Get it

Get all podcast data

Listen Now...

Stacy Spikes, MoviePass — Rebooting a Cult Brand with Fantasy-Style Movie Gaming
Episode 154
Tuesday, 4 November, 2025

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 nowData that started it all: subscription → +111% moviegoing; concessions economicsWhy Mogul (fantasy/prediction game) = higher ARPU, stickier engagementSubscriptions vs. exhibitors: pricing power, F&B offsets, and sustainable marginsCore user profile & frequency patterns; seasonalityState-by-state rules for knowledge-based contests (daily fantasy analog)Building a bigger ecosystem: MoviePass + MogulChapters00:00 Intro & why MoviePass still matters00:28 The cultural phenomenon & collapse01:20 Buying the brand back (~$140K) and relaunch03:22 Founding logic: subscription → more attendance04:42 What went wrong with $10 unlimited07:28 Fraud era, bankruptcy, and reset08:01 Profitable 2023/2024; what changed11:22 Unit economics vs. theater F&B12:38 Pivot to Mogul (fantasy/prediction)14:46 Knowledge-based contests, ARPU potential17:33 Current sub business: usage, demos, seasonality20:46 Growth plan & ecosystem vision22:52 Why theatrical is still king28:37 How to learn more & invest