A Third of AMC Online Payments Are Done With Cryptocurrency.
AMC announced a few months ago that it had began accepting cryptocurrency purchases, and the concept is swiftly gaining traction among moviegoers. The company boosted their status as one of the leading movie theater corporations in the United States by adopting cryptocurrency.
According to AMC Theatres CEO Adam Aron, the company is noticing a surge in the use of Bitcoin and other cryptocurrency payment options. The company’s CEO stated in a recent interview that the adoption rate has been amazing. On Monday, May 9, at the company’s 2022 Q1 results call, 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.”
As a result, a third of AMC‘s online payments are crypto or digital, according to the CEO. AMC accepts a variety of digital currencies, including Bitcoin, Ethereum (ETH), Litecoin, and Bitcoin Cash, as well as Dogecoin (DOGE) and, more recently, Shiba Inu (SHIB).
As the company’s CEO stated, the company’s entry into the cryptocurrency sector was met with enormous enthusiasm, and adoption has been extremely strong.
Aside from entering the cryptocurrency market, the theater chain operator is also looking into non-fungible tokens (NFTs).
AMC now has eight separate projects that have either been released or are actively being developed for distribution this year, according to Aron. The CEO went on to explain that the technology has helped the company increase movie ticket sales.
Sony Pictures released Spider-Man: No Way Home in November, and members of the “AMC Stubs Premiere & A-List” and “AMC Investor Connect” memberships received 6,000 Spider-Man NFTs, which were distributed by the theater on the first day of release.
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