More than 33% of payments are in crypto: AMC Theaters

InAMC Entertainment, crypto news, Featured, Q1 2022

The chief executive officer of AMC entertainment revealed that customers are showing huge interest in the crypto payment method.

AMC Entertainment is an American cinema network company, which has a presence in many countries. This cinema network company provides online entertainment program services as a streaming platform. In 2021, AMC entered into the adoption of crypto-based payment options for the users but this year this feature came into a full live situation.

On 9 May, Speaking at the 2022 Q1 earnings calls of AMC entertainment, Aron Adam, CEO of AMC, shared some interesting progress of the crypto payment options on its platform (AMC app & Website).

AMC CEO said that adding support for the crypto-based payment options is not only an option to grab traction but also will open many payment rails which the company previously explored.

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Aron further said:

“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.”

On the NFTs projects-based works, AMC CEO said that out of 8 NFTs-related projects are either already launched or in progress to get launched this year.

AMC CEO also happily announced that the company generated around 429.8% in Q1 2022, over Q1 2021. In the first quarter, the company generated a total of $785.7 million.

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 all these things, the AMC CEO said that around 35% of the payment was made in cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Interestingly, Company introduced crypto payment fully working in the last month of the first quarter. So here we can expect much from the AMC company in the next Quarter of this year.

More than 33% of payments are in crypto: AMC Theaters

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