Key Takeaways:
- MoviePass is launching a new gambling platform called Mogul, which allows users to bet on pop culture events such as movie box office performance and awards season results.
- The platform aims to create a hub for entertainment speculation, leveraging the rich data available in the film industry.
- Mogul’s goal is to funnel users into buying MoviePass subscriptions, with the ultimate aim of creating a stable and subscription-based moviegoing model.
- The sports-betting industry currently dominates the market, but MoviePass CEO Stacy Spikes believes that the film industry has the potential to be the next big betting scene.
- Betting on entertainment events is currently available on some apps, but is largely unregulated and dwarfed by the sports-betting industry.
Introduction to Mogul
MoviePass, a company known for its subscription-based movie ticket service, is venturing into the world of online betting with the launch of its new platform, Mogul. According to CEO Stacy Spikes, the platform is designed to create a hub for entertainment speculation, where users can bet on various pop culture events such as movie box office performance, Rotten Tomatoes scores, and awards season results. The idea behind Mogul is to leverage the rich data available in the film industry to create a new and exciting form of entertainment speculation. With the rise of sports betting, it’s clear that people are eager to engage with their favorite events in new and innovative ways, and MoviePass is hoping to capitalize on this trend.
The Potential of the Film Industry
Spikes believes that the film industry has the potential to be the next big betting scene, with a wealth of data available to inform predictions and bets. "You can know so much detail and data, and we see the only other place that is as data-rich is sports," he said. This data includes information on movie production budgets, casting, marketing campaigns, and box office performance, among other factors. By providing users with access to this data, Mogul aims to create a platform that is both informative and engaging. With the right tools and information, users can make informed bets and engage with their favorite movies in a whole new way.
Current State of Entertainment Betting
Currently, betting on entertainment events is available on some apps, such as Kalshi, but it is largely dwarfed by the sports-betting industry. DraftKings has accepted bets on the Oscars since 2019, and other platforms are beginning to follow suit. However, the industry is still largely unregulated, with betting on box office outcomes banned at the federal level in the US. This ban is in place to prevent studios from betting on their own failure, but it has also limited the growth of the entertainment betting industry. Despite these challenges, Spikes is confident that Mogul can carve out a niche for itself and become a major player in the entertainment betting market.
The Goal of Mogul
So, what is the ultimate goal of Mogul? According to Spikes, the platform is designed to funnel users into buying MoviePass subscriptions. The company believes that the future of moviegoing is the subscription business, and that Mogul can help to drive engagement and loyalty among users. By providing a platform for entertainment speculation, Mogul can help to create a sense of community and excitement around movies, which can in turn drive users to purchase MoviePass subscriptions. "Hollywood’s problem is not going to theaters or not," Spikes said. "If you had a subscription business that didn’t require you to bet the farm on Friday night, you’d have a stable world." By creating a stable and subscription-based moviegoing model, MoviePass hopes to revolutionize the way people engage with movies.
The Future of Entertainment Betting
As the entertainment betting industry continues to grow and evolve, it will be interesting to see how Mogul and other platforms adapt and innovate. With the rise of streaming services and the decline of traditional box office models, the film industry is undergoing a period of significant change. By providing a platform for entertainment speculation, Mogul is positioning itself at the forefront of this change, and is poised to capitalize on the growing demand for new and innovative forms of entertainment. Whether or not Mogul will succeed in its goals remains to be seen, but one thing is clear: the future of entertainment betting is looking bright, and MoviePass is ready to take center stage.