Over the last twenty years, two companies transformed skiing from a local pastime into a global subscription business. Vail Resorts, under CEO Rob Katz, and Alterra, led by CEO Jared Smith, used season passes such as the Epic Pass and Ikon Pass to lock in customers before the snow falls, allowing resorts to invest earlier in lifts, snowmaking, and technology. But the model has also brought bigger crowds and backlash from workers and locals. Bloomberg's Scarlet Fu examines how Epic and Ikon reshaped the ski industry and why some mountains are choosing to stay independent.