AMC Entertainment’s chairman and CEO, Adam Aron, revealed the American cinema giant is looking to accept Bitcoin payments for movie tickets in response to customer demand. During an Aug. 9 conference call regarding the firm’s Q2 results announced earlier the same day, Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of this year.
There has been a strong demand from customers for crypto payments.
CEO Adam Aron reported that there is a strong demand for buying movie tickets with crypto from the firm’s customers. AMC’s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 of last year’s $18.9 million in revenue. Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year. Along with adopting BTC payments, AMC also announced plans to expand to more than one dozen locations across the U.S., Europe, and the Middle East this year.
Bitcoin continues to gain mainstream exposure.
The leading cryptocurrency in terms of market cap, bitcoin, has gained a lot of mainstream exposure this year. Earlier, the price of bitcoin reached as high as $64,000 for the first time in its history. At the time of writing, bitcoin is trading just above $45,600. Along with Bitcoin, many other cryptocurrencies also witnessed decent exposure among retail and institutional buyers. AMC’s chairman made the unlikely claim that he first learned about crypto assets after being elected to the board of Centricus Acquisition Corp. Many other major institutions like Tesla have embrace bitcoin this year.