AMC Theaters CEO Adam Aron stated that cryptocurrencies, along with other digital payment methods, recently accounted for 35% of their online payments.
The popular movie theater chain has been gradually working on various cryptocurrency adoption moves after first launching online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in November.
last month also added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments through the AMC Theaters mobile app.
In his speech on Monday at the conference call on the results of the first quarter of 2022, Aron highlighted that The company’s foray into cryptocurrency has not only been met with a lot of “fanfare”, it has also opened up several avenues of payment that it had previously explored:
“The same computer programming that was necessary for us to accept cryptocurrency also allowed us to accept other types of payment, such as Apple Pay, Google Pay, Paypal, Bitpay and Venmo, among others. Together, these various new payment options impressively accounted for around 35% of our total online payments.”
Speaking about AMC’s non-fungible token (NFT) initiatives, Aron also stated that the company has eight different shows that have launched or are in the works this year, noting that the technology has already helped AMC “spur movie ticket sales.”
One of these NFT promotions was linked to the premiere of Spider-Man: No Way Home from Sony Pictures in November, which included some 86,000 Spider-Man NFTs for members of their “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions.
As the impact of the global pandemic begins to subside in 2022 and closures are easing, AMC posted a strong year-over-year improvement in its first quarter report, with total revenue growing 429.8% to $785.7 million compared to $148.3 million in the first quarter of 2021.
Net loss was also down approximately 40% compared to the first quarter of 2021going from USD 567.2 million to USD 337.4 million in the first quarter of 2022.
AMC announced 1st quarter 2022 earnings today. Revenues up 5-fold vs. Q1 of 2021. EBITDA loss reduced by 80%. Revenues per employer 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! Congratulations @Disney.
— Adam Aron (@CEOAdam) May 10, 2022
AMC today announced Q1 2022 results. Revenue is up 5x compared to Q1 2021. EBITDA loss is reduced by 80%. Revenue per pattern is up 34% compared to 2019 before the pandemic. The opening of Dr. Strange was the biggest of 2022 and the second biggest of the last two years. Go see it! Congratulations @Disney.
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