Crypto, along with numerous other digital payment options, accounted for 35% of AMC Theatres‘ recent online payments according to CEO Adam Aron.
After launching online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in November, the popular movie theater chain has steadily been working on various crypto adoption strategies.
Last month, the AMC Theatres mobile app added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments.
On May 9, at the company’s 2022 Q1 results call, Aron stressed that the company’s move into crypto has not only been welcomed with “fanfare,” but has also opened up various payment rails that it had previously explored:
“The same IT programming that was required for us to accept cryptocurrency also enabled us to accept other payment types including Apple Pay, Google Pay, Paypal, Bitpay, and Venmo among others. Taken together, these various new payment options, impressively, recently represented about 35% of our total online payments.”
Aron also mentioned that AMC has eight separate NFT products that have either launched or are in the works this year and that the technology has already helped the company “stimulate the sale of movie tickets.”
In November, Sony Pictures released Spider-Man: No Way Home, which contained around 86,000 Spider-Man NFTs for users of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” memberships.
With the global pandemic’s influence beginning to fade in 2022 and lockdowns no longer a possibility, AMC reported a high year-over-year increase in Q1 revenue, rising 429.8% to $785.7 million from $148.3 million in Q1 2021.
In comparison to Q1 2021, the net loss dropped by over 40%, from $567.2 million to $337.4 million in Q1 2022.