AMC Theatres CEO Adam Aron revealed that in the first quarter of 2022, cryptocurrencies and other digital payment methods accounted for more than a third of the company’s online payments. The world’s largest movie theater chain accepts multiple digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and Shiba Inu.
AMC’s decision to adopt cryptocurrency is a success
Last year, the entertainment company entered the digital asset ecosystem by allowing customers to buy tickets in bitcoin through all US-based theaters. A month later, it expanded its offering to add ethereum, litecoin and bitcoin cash. Earlier this year, AMC Theatres enabled customers to pay for tickets online using two of the most popular memecoins – Dogecoin and Shiba Inu.
During the Q1 2022 earnings call, CEO Adam Aron revealed that cryptocurrencies and digital settlement methods accounted for about 35% of the entity’s online payments in the first quarter of this year:
“Overall, it’s impressive that these new payment methods have recently accounted for around 35% of our total online payments.”
Additionally, Aron revealed that AMC has seen a significant improvement over the period compared to the first quarter of 2021, mainly due to the waning impact of the COVID-19 pandemic. Total revenue rose to $785.7 million from $148.3 million, while net loss narrowed to $337.4 million from $567.2 million.
AMC today reported earnings for the first quarter of 2022. Revenue increased 5x compared to the first quarter of 2021. EBITDA loss decreased by 80%. Revenue per customer was up 34% from pre-pandemic 2019. Doctor Strange’s opening is the largest of 2022 and the second largest of the past two years! Go check it out! Congrats @Disney.
— Adam Aron (@CEOAdam) May 10, 2022
AMCs and NFTs
The CEO further revealed that the entertainment company has eight projects involving non-fungible tokens. These have either been launched in the past few months or will be launched at some point in the future.
One such project is AMC Theatres’ decision last year to offer 86,000 digital collectibles to early buyers of the latest Spider-Man movie. There are 100 different designs of NFTs, and the company promises they are “eco-friendly” based on the WAX blockchain.
This move has aroused great enthusiasm among movie fans. Aron revealed that customers rushed to buy tickets for Spider-Man: No Way Out, making it the second-largest single-day ticket sale in AMC’s history. The record belongs to Avengers: Endgame.
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