Crypto payments are becoming more democratic at the AMC cinema chain and initiatives around NFT are multiplying
AMC Cinemas are an essential chain in the United States, in particular. Its CEO, Adam Aron, explains that crypto, along with other digital payment methods, now accounts for 35% of all their online payments.
Crypto payments are becoming more democratic at the AMC cinema chain
The chain has gradually integrated several crypto 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 be available through the AMC Theaters mobile app.
Asked as part of the Q1 2022 financial results presentation, Adam Aron emphasized that the company’s focus on crypto has not only been greeted “with fanfare” by customers, but that it also opened up several payment channels that she had previously explored:
“The same IT developments that were necessary to allow us to accept cryptocurrencies also allowed us to accept other types of payment, such as Pay, Google Pay, Paypal, Bitpay and Venmo. Taken together, these new payment options just recently accounted for around 35% of our total online payments, which is impressive.”
And initiatives around the NFT are multiplying
Asked moreover about his initiative around non-fungible tokens (NFT), Adam Aron declared that the company had to date eight different programs, launched or not yet, but planned for this year, specifying that the technology had already made it possible to to help AMC “boost ticket sales”.
Among the NFT operations carried out, that of the launch of Spider-Man : No Way Home, last November. Approximately 86,000 Spider-Man NFTs had been gifted to AMC Stubs Premiere & A-List members as well as AMC Investor Connect members.
With the impact of the pandemic beginning to wane in 2022 and the lockdowns appearing to be behind us, AMC saw its first quarter 2022 up sharply from Q1 2021, with total revenue up 429.8%, to $785.7 million, compared to just $148.3 million last year. Net losses also decreased significantly, around 40% compared to Q1 2021, from $567.2 million to $337.4 million.
AMC announced 1st quarter 2022 earnings today. Revenues up 5-fold vs. Q1 of 2021. EBITDA loss reduced by 80%. Revenues per patron up 34% over 2019 pre-pandemic. Dr Strange opening was the biggest of 2022, and the 2nd biggest in the last two years! Go see it! Congrats @Disney.
– Adam Aron (@CEOAdam) May 10, 2022
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Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.