A third of AMC online payments are reportedly made in crypto or digital assets as per the CEO reports that we have in our latest cryptocurrency news.
AMC Theatres CEO Adam Aron noted:
“Taken together, these various new payment options, impressively, recently represented about 35% of our total online payments.”
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
Aron stated that crypto along with other digital payment methods accounted for 35% of its online payments. The cinema chain was working on various crypto adoption plays after rolling out online payment support for BTC, ETH, LTC, and Bitcoin Cash so now a third of AMC online payments are made in crypto. The popular cinema chain added support for DOGE, and SHIB via the mobile app. Speaking at the Q1 earnings call, Aron outlined that the company’s dive into crypto hasn’t been quite met with fanfare but opened up a few payment rails that it explored in the past:
“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.”
Speaking on the AMC NFT initiatives, Aron stated that the company has eight different programs which were launched or are in the works this year and noted that the tech already helped AMC stimulate the sale of movie tickets. One such NFT promotion was tied to the opening day release of the Sony Pictures Spider-Man: No Way Home In November, which included 86,000 NFTs for the members of the AMC Stubs Premiere & A-List and Investor connect subscriptors. With the impact of the global pandemic starting to wane this year and the lockdowns being a thing of the past, AMC posted a strogn year-over-year improvements in the Q1 report with revenue growing 429.8% to $785.7 million compared to the Q1. The net loss decreased about 40% compared to Q1 2021 and dropped from $567.2 million to $337.4 million in the first quarter of 2022.
As recently reported, Aron tweeted that the company’s mobile app supports payments in both DOGE and SHIB alongside other coins and the support came in integration with crypto payments provider Bitpay with users spending DOGE and SHIB on tickets and gift cards.
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