The moat is network effects + revenue sharing with theaters.

If that happens, how is a second business going to overcome MoviePass (who would then have the additional revenue streams)?

If it's a risky play to do first, then it's even riskier to do second.

That sounds a lot like saying that their moat is that their business model is too stupid for anyone else to try it.

You're not wrong.

A theater chain could easily do it. Imagine if they come out with “AMC pass”. They’ve got the network and prime locations.

I bet they’re waiting for MoviePass to go belly up first. No point in having to compete with a company that’s literally throwing money at them (paying full price x3-4 per person per month to AMC).

I guess they could, but they don't seem to want to. Cinemark's competitor gives you ONE movie (non-premium, non-3D, etc.) a month for $8.99.

Watching the ad for it preroll every time before a movie I've 'paid for' (with MoviePass) coming on has become a running joke between me and my partner that only people who are such luddites that they've never heard of MoviePass would remotely think it was a good deal.

Every theater chain already has passes, and has for a couple years now.

None of them are halfway as good of a deal as moviepass is.

Imagine when most of their revenue comes from MoviePass. They can't flip a switch overnight.

But the theater chains know they just need to wait— possibly for less than a month more— and MoviePass will go out of business, at which point MP users will who have gotten used to the service will have to use the chains' own subscription services that they're all launching. MP has no leverage with their cash dwindling so quickly.