AMC Theatres CEO says a third of online payments are made using crypto

AMC Theatres CEO says a third of online payments are made using crypto
5 months ago
2 mins read

AMC (NYSE: AMC) revealed it had begun accepting cryptocurrency payments a few months back, and the concept is already quickly gaining among cinema-goers. With the adoption of crypto, AMC Theatres enhanced its reputation as one of the main movie theater companies in the United States.

AMC Theatres CEO Adam Aron has claimed that the firm is seeing an increase in the use of Bitcoin and other crypto payment options. In a recent interview, the company’s CEO said that the adoption rate has been remarkable. Speaking as part of the company’s 2022 Q1 earnings call on Monday, May 9, Aron stated: 

“The same IT programming that was required for us to accept cryptocurrency also enabled us to accept other payment types, including Apple Pay, Google Pay, Paypal, Bitpay, and Venmo, among others. Taken together, these various new payment options impressively recently represented about 35% of our total online payments.”

Thus according to the CEO, a third of AMC’s online payments are crypto or digital.

AMC supported cryptocurrencies

There are a number of cryptocurrencies that AMC supports, including Bitcoin, Ethereum (ETH), Litecoin, and Bitcoin Cash, as well as Dogecoin (DOGE) and, more recently, Shiba Inu (SHIB).

As the company’s CEO said, the company’s introduction into the cryptocurrency field was welcomed with a great deal of excitement, and the adoption rate has been quite high. 

Apart from foraying into the cryptocurrency sector, the theater chain operator is also exploring the use of non-fungible tokens (NFTs). 

Aron informed investors that AMC now has eight distinct projects that have either been released or are actively under development for release this year. The CEO went on to say that the technology has assisted the firm in increasing the sale of movie tickets. 

In November, Sony Pictures released Spider-Man: No Way Home; on the first day of release, members of the “AMC Stubs Premiere & A-List” and “AMC Investor Connect” memberships received 6,000 Spider-Man NFTs, which the theatre distributed.

AMC is slowly returning to normal after being disrupted by the Coronavirus outbreak.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.