AMC Looks to Offer Bitcoin Payments for U.S. Movie Goers in 2021

AMC will be equipped to accept Bitcoin payments for tickets and concessions by the end of the year.

By
Dardania Havolli
on
August 10, 2021
Category:
Blockchain News

AMC Takes Decisive Steps

Chief Executive of AMC, Adam Aron, shared with stock holders that the company would begin accepting Bitcoin at U.S. locations by the end of the year.

The announcement was detailed during AMC’s second quarter earnings call on Monday 10th of August. Highlighting the enthusiasm for cryptocurrency his investor community have, the decision seemed a clear one. 

"AMC is aiming to at year end accept bitcoin as a form of payment for ticket purchases" stated Chief Executive, Adam Aron. 
(Source)

No doubt the move is a bullish one and is likely to excite investors over the prospect of other cinema giants acting similarly. It also makes shrewd business sense for an organization whose community overwhelmingly supports cryptocurrency, as is evident through their Reddit following.


The COVID 19 Impact

The crippling effects of the pandemic on the movie industry have been well documented, AMC have had to grapple with these problems staving off debt and all the while managing to stay afloat. 

Impressively, the second quarter earnings call revealed that the organization had posted encouraging revenues that were better than anticipated, as well as posting losses that were smaller than expected, as was detailed by Investor Place. 

The encouraging numbers were quickly compounded with news that AMC would also accept Google pay and Apple pay alongside BTC for online purchases, as revealed by CNBC’s Kristina Partnsinevelos via official Twitter. The fact that these organizations are in the same sentence also points to the institutional respect BTC is beginning to demand. 

“AMC CEO just announced they plan to accept Bitcoin at all US locations by year end. AMC will also accept Apple Pay and Google pay for online purchases. $BTC

CEO teases more to come with a partnership with Gamestop $GME..”

(Source)


What to Know About the Move to Accept Bitcoin

The fact the decision was announced via webcast means that there is not a great amount of detail initially. The exact date of when the move is likely to come into effect and how purchases will be made will likely be revealed in coming weeks. 

The initiative does however come at an interesting time for the crypto market, as it endures increasing regulatory scrutiny. The decision taken by the AMC Chief Executive is likely to further legitimise crypto as a manner of payment for everyday transactions. 

We will be on the lookout for details as they begin to break. 

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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