MoviePass is venturing into the world of entertainment betting with its new platform, Mogul, aiming to capitalize on the growing popularity of sports wagering and apply it to pop culture events. This move comes as the company seeks to revitalize its brand and redefine the moviegoing experience.
MoviePass’s New Gamble: Mogul and Entertainment Betting
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MoviePass CEO Stacy Spikes revealed the growth of Mogul, a beta-tested platform designed for betting on pop culture outcomes, in an interview with the Crowd Pleaser newsletter. Spikes envisions Mogul as “the first true hub for entertainment speculation,” believing the film industry possesses a wealth of data comparable to that of the sports world.He stated, “You can know so much detail and data, and we see the only other place that is as data-rich is sports…the closest business that has that level of data that people are predicting and guessing about every Friday is movies.”
The Landscape of Entertainment Betting
While sports betting has exploded in recent years, entertainment betting remains a smaller market. Currently, platforms like Kalshi allow users to bet on events such as Rotten Tomatoes scores,awards show results (like the Oscars),and box office performance. However, the industry faces regulatory hurdles. Betting on box office results is federally prohibited in the U.S. to prevent studios from possibly manipulating outcomes. ESPN reports that DraftKings has offered bets on the Oscars as 2019, and betting on streaming numbers and Rotten Tomatoes scores remains largely unregulated.
Mogul’s Role in the moviepass Ecosystem
Spikes’ immediate goal for Mogul is to drive subscriptions to MoviePass. He believes a subscription model is the key to a stable future for moviegoing, contrasting it with the conventional model of relying on daily ticket purchases. “If you had a subscription business that didn’t require you to bet the farm on Friday night, you’d have a stable world,” he explained. “But what happens is that you don’t have subscribers, so you have to acquire people every single day. You have to acquire those people to come.” He suggests that integrating betting on box office performance could incentivize greater engagement and attract new subscribers.
Key Takeaways
- MoviePass is launching Mogul, a platform for betting on pop culture events.
- The platform aims to leverage the data-rich nature of the film industry, similar to sports betting.
- Current entertainment betting options exist,but are smaller and face regulatory challenges.
- Mogul is intended to drive subscriptions to MoviePass by increasing engagement.