Cryptocurrency payments in the AMC cinema chain are becoming more democratic, and NFT-related initiatives are multiplying.
The AMC movie theater chain is a must-have chain, particularly in the United States. Its CEO Adam Aron explains that cryptocurrency, along with other digital payment methods, now makes up 35% of all their online payments.
Crypto payments become more democratic at AMC cinema chain
The network has gradually integrated several cryptocurrencies after offering the Bitcoin (BTC) option. These include Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) added in November. Last month, it was the turn of Dogecoin (DOGE) and Shiba Inu (SHIB) to become available through the AMC Theaters mobile app.
Answering a question as part of the presentation of financial results for the first quarter of 2022, Adam Aron emphasized that the company’s attention to cryptocurrency was not only met with “pomp”by customers, but also opened up several payment channels that it explored earlier: IT developments required in order for us to accept cryptocurrencies have also allowed us to accept other types of payments such as Pay, Google Pay, Paypal, Bitpay and Venmo. Together, these new payment methods accounted for about 35% of our total online payments most recently, which is impressive.”
and NFT initiatives are multiplying
Additionally, when asked about his Non-Fungible Token (NFT) initiative, Adam Aron stated that the company currently has eight different programs launched or not yet launched but planned for this year, specifying that the technology has already helped. AMC “increased ticket sales”. Among the operations carried out by the NFT was the launch of “Spider-Man: No Way Home”last November. Approximately 86,000 Spider-Man NFTs have been gifted to AMC Stubs Premiere and A-List members and AMC Investor Connect members.
With the impact of the pandemic beginning to ease in 2022 and restrictions appearing to be behind us, AMC posted strong growth in its first quarter of 2022 compared to the first quarter of 2021, with total revenue up 429.8% to $785.7 million, down from just $148.3 million last year. Net losses also dropped significantly, about 40% from the first quarter of 2021, from $567.2 million to $337.4 million. dollars.