MoviePass has made a significant move into the entertainment sector with the beta launch of Mogul, a daily fantasy platform tailored for film lovers. This innovative venture was announced recently, marking a new chapter for the company known for its disruptive approaches in the movie theater subscription market.
Understanding Mogul
Mogul allows users to step into the shoes of studio executives within the film industry. Drawing inspiration from daily fantasy sports, where players assemble teams of athletes and score points based on real-world performance, Mogul enables film enthusiasts to create their own “studios.” Participants use a budget and in-game currency, known as “studio credits,” to choose actors for their teams.
Gameplay and Features
Players in Mogul can adjust their actor lineups daily and enter various competitions, including tournaments lasting approximately one week, one-on-one matchups, and solo challenges. The outcomes are determined by several factors such as box office earnings, audience attendance, critic reviews, and awards potential. As players advance, they earn digital collectibles, such as signed posters, enhancing their standing on the leaderboard.
Technology and Framework
The platform is built on Sui, a layer 1 blockchain developed by Mysten Labs. Participants in the beta phase will receive digital wallets to securely manage their virtual currency, collectibles, and rewards.
Market Potential
Despite initial skepticism about Mogul’s acceptance among movie fans, over 400,000 individuals have registered for early access. This suggests a promising interest level that could solidify its position among dedicated followers of the film industry.
Regulatory Landscape
Mogul is designed as a daily fantasy sports platform rather than a prediction market, navigating the complexities of legal regulations that govern these types of games. The regulatory environment for prediction market platforms remains ambiguous, as highlighted by ongoing legal challenges faced by entities like Kalshi. MoviePass’s Spikes remarked on the intricate approvals required for such platforms in the U.S., indicating the need for state-by-state compliance.
Future Prospects
Mogul is the first step in MoviePass’s broader web3 strategy, which aims to incorporate blockchain technology further into the user experience. The company has ambitions to reward movie attendance with on-chain incentives and has previously partnered with Sui to facilitate payments via USD coin.