“Together, these different new payment alternatives recently comprised around 35% of our overall online payments,” stated AMC Theatres CEO Adam Aron.
According to Adam Aron, the CEO of AMC, cryptocurrencies like bitcoin and other digital payment gateways contributed nearly 35% of its online transactions recently.
In November, AMC presented its support for online payments for BTC (Bitcoin), BCH (Bitcoin Cash), ETH (Ether), and LTC (Litecoin). Following the introduction of online payment capabilities, the popular film chain has been working on various crypto acceptance strategies.
However, last month it also extended its support for DOGE (Dogecoin) and SHIB (Shiba Inu) payments to the mobile app of AMC theatres.
Aron underlined during the firm’s 2022 Q1 results call on May 9 that the firm’s foray into crypto has not only been received with tremendous “fanfare” but has also opened up various payment rails that it had previously explored:
“The same IT system that allowed us to accept cryptocurrency also allowed us to accept other payment methods like Google Pay, Paypal, Apple Pay, Bitpay, and Venmo.” Taken together, these different new payment choices lately comprised around 35% of our total online payments.
While addressing AMC’s NFT projects, CEO Adam Aron also revealed about the eight different programs of the company that have either debuted in the market or are planning to debut in the current year. He even cited that technology has proven to be of great help to AMC to boost its movie ticket sales.
One such NFT deal was tied to Sony Pictures’ Spider-Man: No Way Home’s November release date, which offered around 86,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” memberships.
With the impact of the worldwide epidemic beginning to fade in 2022 with lockdowns on the horizon, AMC reported a 429.8 percent increase in overall revenue to $785.7 million in the first quarter of 2021, up from $148.3 million in the same quarter.
AMC announced 1st quarter 2022 earnings today. Revenues up 5-fold vs. Q1 of 2021. EBITDA loss reduced by 80%. Revenues per patron 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! Congrats @Disney.
— Adam Aron (@CEOAdam) May 10, 2022
In addition, net loss fell about 40%, from $567.2 million in Q1 2021 to $337.4 million in Q1 2022.
AMC Entertainment Holdings, Inc, is the largest American movie theatre chain globally. It is also referred to as AMC or AMC Cinemas or AMC Multi-Cinemas. Its headquarters are in Leawood, Kansas. AMC was founded in 1920 and currently holds the highest proportion of the US theatre market, ahead of Regal and Cinemark Theatres.
AMC has successfully increased its revenue by incorporating NFT campaigns with its promotion strategies.
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