16 August 2021
Keep your crypto wallet handy. You’ll be able to buy cinema tickets with it by year’s end.
The world’s largest cinema operator, AMC, has announced that it will begin accepting Bitcoin payments for movie tickets, drinks, and snacks by the end of 2021. The announcement was made by CEO Adam Aron during a shareholder’s call to discuss quarterly operating results.
Bitcoin purchases must be made online, not on-site at cinemas.
Tickets and concessions may not be the end of it. Aron said company personnel are exploring “how else AMC can participate in this new burgeoning cryptocurrency universe. We’re quite intrigued by potentially lucrative business [opportunities].”
The cinema giant is also adding Google Pay and Apple Pay to its payment options.
AMC is not the first cinema chain to accept cryptocurrency for tickets. That honor belongs to Thailand’s Major Cineplex, which began accepting Bitcoin payments in March 2021.
The Covid-19 pandemic and associated social distancing measures have meant hard times for the entertainment industry. Most cinemas, including AMC’s, were closed for months. Aron told investors that AMC is still operating at a loss, but predicted that the company could return to profitability by the end of 2021.
Founded in 1920, AMC operates 358 cinemas in Europe and 620 cinemas in the United States.
NOTE
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.
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