AMC reveals the total of crypto payments made in Q1 2022
AMC theatres CEO Adam Aron revealed that cryptocurrency and other digital payment methods made up more than a third of the online payments for AMC in Q1, 2022.
In addition, Aron disclosed that AMC made a significant improvement in revenue compared to its performance in Q1, 2021. Its total revenue grew from US$ 148.3 million to US$ 785.7 million and its net loss dropped from US$ 567.2 million to US $ 337.4 million.
The cinema giant has been accepting cryptocurrency payments since September 2021. It allows payment in Bitcoin, Ether, Litecoin, Bitcoin Cash, Dogecoin and Shiba Inu. It also appealed to online payment moviegoers by supporting Apple Pay, Google Pay and PayPal.
AMC’s move to embrace cryptocurrency is part of its solution to recover from near bankruptcy caused by the COVID-19 pandemic. The cinema giant has day traders on Reddit and Twitter that rallied its support behind the decision, and sent its stocks skyrocketing by 2,300% as a result.
AMC CEO further revealed the company’s eight NFT related programs, some of which have already been launched and others will be introduced in the future.
One of these projects is the offering of 86,000 NFTs to AMC stubs A-list and AMC investor connect members who bought advanced tickets to the screening of Spider-Man: No way home, film last year in partnership with Sony Pictures. These NFT came in 100 different designs and built on the eco-friendly WAX blockchain. This movie became the second biggest one-day movie ticket sales in AMC.