Adam Aron, the CEO, and AMC chairman, revealed that the Cinema operator seeks to accept movie ticket payments in Bitcoin. This adoption of Bitcoin payments for its movie tickets was a grant to customer demand.
AMC Entertainment is the largest movie theater firm and a Cinema operator in America. It was founded in 1920 with headquarters in Leawood, Kansas.
The American cinema giant AMC Entertainment aims to accept Bitcoin (BTC) payments for its movie tickets come 2022.
AMC’s Q2 Results
AMC CEO and Chairman Adam Aron made a speech in a conference call about the company’s Q2 results. He states during the announcement of the Q2 results that the cinema chain plans to secure a bitcoin payment infrastructure. He added that the infrastructure would accept payments of online movie tickets in BTC by late 2021.
Though there is no detailed information regarding AMC’s plan to adopt Bitcoin payments, Aron, the CEO, reported the customer’s strong demand to pay for movies tickets in BTC.
The AMC’s Q2 results have shown significant improvement when compared to its status last year. It reported a $444 million revenue compared to the second quarter (Q2) of 2020, which was $18.9 million. The Net losses also reduced from $561million to $349 million, or $5.38 per share to $0.71 per share yearly.
In addition to bitcoin payment adoption, the American cinema giant AMC has also revealed its plans to expand its business. They have decided to open over a dozen branches across Europe, Middle East, and the United States this year.
Aron’s Interest Towards Bitcoin
The Chairman and CEO also made an unusual claim to have heard about cryptos first a week before Centricus blockchain technology (Arqit) acquisition. That was after he was elected as a member of the Centricus Acquisition board on May 6th.
The overwhelming Q2 output of the company surfaced within a space of one year that the AMC seemed to be fated for bankruptcy. Then, the drastic wave from the global coronavirus pandemic caused the forceful closure of the cinema venues.
However, through its assembling of fresh financing, the company could defeat the pandemic waves. This helped to revive the world’s largest cinema and its chains of businesses.
Despite the pandemic effects, r/Wallstreetbets, a notable Reddit-based contrivance group, rallied on AMC shares. This pushed the shares to a 900% surge in January 2021.
Additionally, TradingView data reveals that AMC stock price has made up to 1.200% rise from the beginning of the year till date. This indicates a push from $2.60 to $34 for the stock’s price.
The AMC share marks a 4% increase in the price | Source: AMCUSD on TradingView.com
Featured image from Pixabay, and chart from TradingView.com