AMC theaters see 35 percent crypto payments in Q1 2022

AMC Theaters, the largest cinema chain in the US, has said it has observed the popularity of cryptocurrencies as a payment alternative on its platform. According to Adam Aron, the CEO of AMC Theaters, crypto transactions accounted for 35 percent of all online payments for the company. This data refers to the first three months of this year, 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 struggling with losses due to COVID-19 lockdowns, AMC Theaters started operations about a year ago. In order to expand the payment options for different customers with different payment preferences, AMC Theaters decided to include cryptocurrencies as a payment method for movie tickets and other selected services.

Aron announced on today’s conference call that the first quarter of this year saw revenue growth reaching US$785 million (around Rs.6,066 billion) in the quarter. The net loss for crypto-friendly AMC cinemas also fell to US$337.4 million (about Rs.2,607 crore) from US$567.2 million (about Rs.4,383 crore).

For AMC, online ticket payments in bitcoin, ether, litecoin, and bitcoin cash are enabled through PayPal, while Shiba Inu payments are routed through BitPay.

The company is a leader in crypto adoption, accepting Dogecoin as a payment method for gift cards in partnership with BitPay.

In addition to crypto, the cinema chain is also advancing on NFT projects. NFTs, or non-fungible tokens, are digital collectibles built on blockchain networks. They can be inspired by anything, even movie characters and actors, while fans buy these NFTs as keepsakes.

Last year, the company opened 86,000 NFTs for early Spider-Man: No Way Home ticket buyers. These NFTs were built on the “green” WAX blockchain.

This NFT giveaway proved a hit for AMC. The film reportedly became the second-biggest single-day ticket sales in AMC history, behind Avengers: End Game. AMC theaters see 35 percent crypto payments in Q1 2022

Ryan Sederquist

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