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Crypto payments turn out to be a win-win for AMC Theaters, 35% of digital collections in Q1 2022

Crypto payments turn out to be a win-win for AMC Theaters, 35% of digital collections in Q1 2022
Written by Arindam
Crypto payments turn out to be a win-win for AMC Theaters, 35% of digital collections in Q1 2022

Implementation of crypto payments services for America’s largest entertainment chain AMC Theaters is proving to be a profitable deal. AMC Theaters CEO Adam Aron has revealed that cryptocurrencies and other digital payments accounted for a third of online payments in the first quarter of 2022. AMC is the world’s largest movie theater chain that accepts payments in digital coins such as Bitcoin, Ether, Litecoin, Bitcoin Cash, Dogecoin and Shiba Inu.

AMC Theaters entered the cryptocurrency ecosystem last year when it began accepting payments in bitcoin at its theaters in the US. Initially, customers could pay in bitcoin at the company’s theaters in the US. A month later, the company added other cryptocurrencies to the list as well. Next among them were Ethereum, Litecoin and Bitcoin Cash. After this, fans of cryptocurrencies such as Dodgecoin and Shiba Inu expressed hope that the company will also include these two mime cryptocurrencies in the payment system. In early 2022, the company again added Dogecoin and Shiba Inu to its digital currency payments list. ,

Adam Aron, CEO of AMC Theatres, recently revealed that in the first quarter of 2022, cryptocurrencies and digital payments accounted for 35 percent of the company’s total online payments in the form of digital currency. Apart from this, Adam also told that compared to the first quarter of 2021, the movie theater chain has performed very well this year. One reason for this was also the end of the Kovid epidemic. In comparison, the company’s revenue increased from $148 million to $785 million. While the company’s total loss came down from $567 million to $337 million.

In addition to implementing payment systems in cryptocurrencies, the company has 8 programs related to NFTs. Some of these have already been launched and there are some which are to be launched in the coming days. There was a project related to this that last year the company had made 86,000 digital collectible offers for customers who bought advance tickets for the Spider-Man movie. These NFTs were in 100 different designs.

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Arindam

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