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More than a third of AMC online payments are crypto or digital: CEO

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Adam Aron, CEO of AMC Theaters, explained that crypto, along with several other digital payment methods, recently made up 35% of its online payments.

The popular cinema chain has gradually been working on various crypto adoption games after first introducing online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in November.

Support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments via the AMC Theaters mobile app was also added last month.

As part of the company’s first-quarter 2022 earnings conference call on May 9, Aron emphasized that the company’s entry into crypto not only drew a lot of “fanfare,” but also opened up multiple payment avenues that it had previously explored :

“The same IT programming that was required for us to accept cryptocurrencies also enabled us to accept other forms of payment, including Apple Pay, Google Pay, Paypal, Bitpay and Venmo, among others. Combined, these various new payment options have impressively accounted for about 35% of our total online payments lately.”

Referring to AMC’s NFT initiatives, Aron also stated that the company has eight different programs either launched or in the works this year, noting that the technology has already helped AMC “grow movie ticket sales “.

One of these NFT promotions was tied to Sony Pictures’ opening day release of Spider-Man: No Way Home in November, which will feature approximately 86,000 Spider-Man NFTs for members of AMC Stubs Premiere & A-List and AMC Investor “covered Connect” subscriptions.

Related: Japanese e-commerce site accepts BTC and XRP payments for used cars

With the impact of the global pandemic gradually easing in 2022 and lockdowns out of sight, AMC’s first-quarter report posted a strong year-over-year improvement, with total revenue rising 429.8% to $785.7 million, compared to $148.3 million in the first quarter of 2021.

Net loss also declined about 40% compared to the first quarter of 2021, falling to $337.4 million in the first quarter of 2022 from $567.2 million.