AMC Theaters, the largest movie hall chain in the US, has seen the popularity of cryptocurrency as a payment option on its platform. According to Adam Aron, CEO of AMC Theaters, crypto transactions accounted for 35 percent of total online payments for the company. This data is for the first three months of this year i.e. January to March. The theater chain allows people to pay for select purchases in crypto assets. These include Bitcoin, Dogecoin, Shiba Inu, Ether, Litecoin and Bitcoin Cash.
After battling the losses due to the COVID-19 lockdown, AMC Theaters Started operations about a year ago. To expand payment options for different customers with different payment preferences, AMC Theaters decided to include cryptocurrency as a mode for paying for movie tickets and other select services.
Aeron announced in today’s earnings call that it grew revenue in the first quarter of this year to reach $78.50 million (approximately Rs.6,066 crore) in the quarter. Crypto-friendly AMC Theaters’ net loss also declined to $337.4 million (approximately Rs 2,607 crore) from $567.2 million (approximately Rs 4,383 crore).
AMC today announced first quarter 2022 earnings. Revenue increased by 5 times compared to the first quarter of 2021. EBITDA loss reduced by 80%. Revenue per patron is up 34% compared to 2019 pre-pandemic. Dr Strange opening was the biggest opening of 2022 and the second biggest in the last two years! Go look it up! Congratulations @disney,
— Adam Aaron (@CEOAdam) 10 May 2022
The company has been a leader in crypto adoption and in partnership with Bitpay accepts Dogecoin as a form of gift card payment.
Along with crypto, the movie hall chain is also entering NFT projects. NFTs or non-fungible tokens are digital collectibles built on the blockchain network. They can be inspired by anything, even movie characters and actors, while fans buy these NFTs as gifts.
Last year, the company opened 86,000 NFTs to early ticket buyers for the movie ‘Spider-Man: No Way Home’. These NFTs were built on the ‘eco-friendly’ WAX blockchain.
This NFT giveaway proved successful for AMCs. movie Allegedly It became the second largest one-day move ticket sales in AMC history, behind Avengers: End Game.