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Moviegoers can soon pay for AMC tickets using Bitcoin
Aug 10, 2021 | By PYMNTS.com
AMC Entertainment is getting on the bitcoin bandwagon and will accept the cryptocurrency for the online payment of movie theater tickets and concession snacks, AMC CEO and Chairman Adam Aron said in an earnings call, per Deadline and other media.
See also: Report: Nearly 60 Percent of Consumers Want To Buy Stuff With Crypto
Aron added that he anticipates the chain will be able to accept digital currency by the end of this year. He also said that AMC will accept Apple Pay and Google Pay for tickets and snacks.
AMC’s second-quarter earnings beat forecasts, posting a loss of $344 million against $444.7 million in revenue, according to a press release about the earnings call. AMC also reported 22 million attendees worldwide for the quarter. First-quarter revenue was $148.3 million.
The world’s largest movie chain has a presence in 953 locations in the U.S. plus 335 international theaters. The once-struggling theater was on the verge of bankruptcy last year but was saved by a group of investors on Reddit. AMC, along with Gamestop — also barely hanging on financially — became trendy meme stocks that saved the day for both companies.
See also: AMC Dodges Bankruptcy With $917 Million Capital Infusion
The earnings call was unusual in that it took more calls from investors than anyone else, and the tone was breezy as the CEO interacted with Redditors, per Deadline and others. Aron said no drive-ins are planned, but new theaters are. He also announced a deal with Warner Bros.
The CEO also referred to his personal Twitter feed’s metrics while on the call and said he has a good time reading the messages from investors, per WSJ.
The movie chain is planning to expand with a minimum of six new theaters in Los Angeles, Chicago and Atlanta, according to Hollywood Reporter. Its official deal with Warner Bros. gives AMC an exclusive 45-day time frame to show the studio’s lineup of tentpoles (big-budget films to offset flops) next year.
Shares of AMC lost 71 cents when the day closed out on Monday (Aug. 9), besting Wall Street forecasts of a loss of 91 cents. Last year, the per-share loss was $5.38, per Hollywood Reporter.