AMC Entertainment Holdings AMC CEO Adam Aron revealed that over a third of the theatre chain’s online payments are comprised of cryptocurrency and digital avenues.
What Happened: In a quarterly earnings call on Monday, Aron said that venturing into cryptocurrency acceptance had been a “massive home run” for the company.
“We found is that the same programming that was needed to accept cryptocurrency is the exact same programming that we needed to accept Apple Pay and Google Pay, PayPal, and a whole bunch of other payment types,” said Aron.
The AMC CEO explained that while crypto usage itself was modest, the new payment types like Apple Inc’s AAPL Apple Pay and Alphabet Inc Class A’s GOOGL Google Pay were a big win for the company.
“When you take all of those new payment types that we introduced for AMC as a result of our exploring crypto, again, it’s in the neighborhood of one-third of our total online ticketing is now being paid for in all these various alternate payment methods,” he said.
“So I would say this whole endeavor has been a massive success for us.”
AMC began accepting Bitcoin BTC/USD and Ethereum ETH/USD in November last year. Upon popular demand from its customer base, the theatre chain also added support for meme coins Dogecoin DOGE/USD and Shiba Inu SHIB/USD as payment methods this March.
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AMC reported revenue of $785.7 million in the first quarter — a significant uptick from the $148.3 million recorded in the first quarter of 2021.
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years,” stated Aron.
Price Action: AMC shares closed 9% lower on Monday, according to data from Benzinga Pro.
The market-leading cryptocurrency Bitcoin was trading at $32,300, down 3.5% over 24 hours and 16% over the last seven days.