Crypto or digital payments account for more than a third of all AMC online payments

Crypto or digital payments account for more than a third of all AMC online payments

Crypto, along with numerous other digital payment options, accounted for 35 percent of AMC Theatres’ online payments recently, according to CEO Adam Aron.

Last month, the AMC Theatres mobile app added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments.

After launching online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in November, the popular movie theatre chain has steadily been working on various crypto adoption strategies.

On May 9, at the company’s 2022 Q1 results call, Aron stressed that the company’s move into crypto has not only been welcomed with “fanfare,” but has also opened up various payment rails that it had previously explored: “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.”

One such NFT promotion was tied to the opening day release of Sony Pictures’ Spider-Man: No Way Home in November, which included roughly 86,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions.

Speaking on AMC’s NFT initiatives, Aron also stated that the company has eight different programs that have either been launched or are in the works this year, and noted that the tech has already helped AMC “stimulate the sale of movie tickets.”

With the impact of the global pandemic starting to wane in 2022, and lockdowns out of sight, AMC posted a strong year-over-year improvement in its Q1 report, with total revenue growing 429.8% to $785.7 million compared to the $148.3 million of Q1 2021.

Net loss also decreased roughly 40% compared to Q1 2021, dropping from $567.2 million to $337.4 million in Q1 2022.


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