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AMC’s CEO announces the total number of crypto payments made in the first quarter

Adam Aron – CEO of AMC Theaters – announced that cryptocurrencies and other digital payment methods accounted for more than a third of online payments for the company in the first quarter of 2022. The world’s largest cinema chain accepts multiple digital assets including Bitcoin, Ethereum, Litecoin, bitcoin cash, Dogecoin and Shiba Inu.

AMC’s decision to embrace crypto has been called a success

Last year, the entertainment company jumped into the digital assets ecosystem by allowing customers to buy tickets to all US-based cinemas in bitcoin. A month later, it expanded the offering, adding Ethereum, Litecoin, and Bitcoin Cash. Earlier this year, AMC Theaters allowed its customers to make online payments for tickets using two of the most popular memecoins – Dogecoin and Shiba Inu.

During an earnings call for the first quarter of 2022, CEO Adam Aron revealed that cryptocurrencies and digital settlement methods accounted for about 35% of the company’s online payments during the first quarter of the year:

“Combined, these various new payment options recently accounted for about 35% of our total online payments, which is impressive.”

Additionally, Aron announced that AMC saw significant improvement during this period compared to the first quarter of 2021, primarily due to the easing impact of the COVID-19 pandemic. Total revenue increased to $785.7 million from $148.3 million, while net loss decreased to $337.4 million from $567.2 million.

AMC today announced its first quarter 2022 results. Revenue up 5x vs. Q1 2021. EBITDA loss reduced by 80%. Revenue per patron is up 34% from pre-pandemic 2019. The opening of dr. Strange was the biggest of 2022 and the second biggest of the last two years! Check it out! Congratulations @Disney.

— Adam Aron (@CEOAdam) May 10, 2022

The CEO further revealed that the entertainment company has eight programs with non-fungible tokens. These have either been introduced in the last few months or will be introduced at some point in the future.

One such project was AMC Theaters’ decision last year to offer 86,000 digital collectibles for early buyers of the latest Spider-Man film. The NFTs came in 100 different designs, while the company promised they would be “eco-friendly” at WAXBlockchain were built up.

The initiative caused great enthusiasm among film fans. Aron announced that customers were rushing to purchase tickets for Spider-Man: No Way Home, which became the second-biggest single-day ticket sales in AMC history. The record belongs to “Avengers: Endgame”.

Source: Crypto News Deutsch

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