AMCTheaters’ CEO, Adam Aron, announced in a tweet last year that the movie business would allow consumers to pay with cryptocurrencies online. He made a risky decision to invest in blockchain technologies and it seems to have paid off.
Cryptocurrencies accounted for more than a third of the company’s ticket sales, according to the company’s CEO. Bitcoin, Bitcoin Cash, Ethereum, and Litecoin were all accepted. The firm has recently integrated Bitpay, which allowed them to take meme coins such as DOGE and SHIB.
Increasing Sales and Profits
This inaugural has had a tremendous payback. Between January to March, the theater’s revenue increased by $785 million dollars.
This news was revealed by the crypto-friendly CEO during AMC’s most recent earnings call. According to him, AMCTheaters’ revenue has been extraordinary, and crypto adoption among AMC fans has been excellent.
About 35% of AMC’s online payments were done with cryptocurrencies. It appears that the technology that allowed them to take cryptocurrencies is also capable of handling alternative payment methods. Bitpay, Google Pay, Venmo, and Apple pay are examples of such alternatives.
NFTs are among AMC’s Tech-forward Exploits
AMC remains a step ahead of the crowd. After experimenting with cryptocurrencies, AMC has refused to stay behind the times.
With the debut of “Spider-Man: No way Home,” Marvel encouraged one of the most massive one-day sales in history. They announced announced a raffle of 86,000 NFTs on the WAX blockchain for people who purchased advance tickets. Within one day, the plan almost toppled “End Game” from its number one spot.
AMC is the largest theater chain in the United States, having been founded in 1920. Aron believes that programs like this may help AMC stay ahead in the digital present.
Aron’s jovial statement follows a bearish crawl that has affected the majority of the cryptocurrency market. News is proof of crypto’s growing popularity in recent months. However, it offers cause for optimism that cryptocurrencies may soon be as popular as fiat currency.