Cryptocurrency, along with several other digital payment methods, recently accounted for 35 percent of its online payments, said Adam Aron, CEO of AMC Theatres.
After debuting online payment support for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in November, the popular movie theater chain is gradually working on various cryptocurrencies adoption.
Last month, it also added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments through the AMC Theatres mobile app.
As part of the company’s Q1 2022 earnings call on May 9, Aron emphasized that the company’s foray into cryptocurrencies has not only received a lot of “hype,” but also opened up several payment channels that it has previously explored:
“The same IT programming we need to accept cryptocurrencies also enables us to accept other payment types including Apple Pay, Google Pay, Paypal, Bitpay and Venmo to name a few. It’s impressive how these different new payment options add up , which recently accounted for around 35% of our total online payments.”
Speaking about AMC’s NFT plans, Aron also said that the company has launched or is developing eight different projects this year, noting that the technology has helped AMC “stimulate movie ticket sales.”
One of the NFT promotions, related to the November premiere of Sony Pictures’ Spider-Man: No Way Home, included approximately 86,000 for its “AMC Stubs Premiere & A-List” and “AMC Investor” members “Spider-Man NFT Connect” subscription.
Related: Japanese e-commerce site adopts BTC and XRP to pay for used cars
As the effects of the global pandemic begin to subside in 2022 and lockdowns have dissipated, AMC reported strong year-over-year growth in its first-quarter report, with total revenue up 429.8 percent compared to $148.3 million in the first quarter % to $785.7 million in 2021.
Compared with the first quarter of 2021, the net loss also decreased by about 40%, to $337.4 million from $567.2 million in the first quarter of 2022.
AMC today reported earnings for the first quarter of 2022. Revenue increased 5x compared to Q1 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