Adam Aron, CEO of AMC Theatres, stated that cryptocurrency and other digital payment options accounted for 35% recently in its online payments.
After first launching online payment support for Bitcoin, Ether (ETH), Bitcoin Cash and Litecoin in November, the popular cinema chain has been slowly working on crypto adoption plays.
It also supported Shiba Inu and Dogecoin (DOGE), payments via the AMC Theatres app.
Aron spoke as part of the 2022 Q1 earnings call, May 9th. He stated that crypto’s plunge has been received with much “fanfare” and that it has opened up many payment routes that it hadn’t previously explored.
“We were able to accept Bitcoin and other payment types using the same IT programming we used to accept it. This included Apple Pay, Google Pay (Google Pay), Bitpay, Bitpay, Bitpay, Venmo, Apple Pay, Google Pay, Paypal and Bitpay. These new payment options together accounted for 35% of all online payments.
Aron spoke out about AMC’s NFT programs and stated that eight programs have been launched by the company or are currently in development. He also noted that AMC has used the tech to “stimulate movie ticket sales.”
One such NFT promotion was linked to the November opening of Sony Pictures’ Spider-Man: No Way Home. This release included approximately 86,000 Spider-Man NFTs, for subscribers of “AMC Stubs Premiere and A-List” or “AMC Investor Connect”.
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AMC reported a strong year-over-2018 improvement in its Q1 report. Total revenue grew 429.8% to $785.7million, compared to $148.3million in Q1 2021.
Net loss decreased by 40% in Q1 2021, from $567.2 to $337.4 millions in Q1 2022.
AMC today announced first quarter 2022 earnings. Revenues increase 5-fold over Q1 2021. EBITDA loss decreased by 80%. Revenue per patron increased 34% over the 2019 pre-pandemic. Dr Strange’s opening was the largest in 2022 and the 2nd largest in the past two years. It’s worth a visit! Congratulations @Disney
— Adam Aron (@CEOAdam) May 10, 2022