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AMC Entertainment CEO Adam Aron said during an earnings call on Monday that the theatre chain would accept Bitcoin payments for movie tickets and concessions purchased online. Aron suggested that AMC would have the necessary IT systems to process cryptocurrencies by the end of 2021.
AMC Will Accept Bitcoin Payments By The End of 2021
While talking about the new service, Aron noted that many of the company’s new retail investors were excited about crypto’s integration into payments and embraced his decision. He added that Google Pay and Apple Pay would also be supported by AMC’s platform in the future.
During his chat with the investors, Aron revealed that he learned about virtual currencies while serving the board of a special purpose acquisition company (SPAC), Centricus Acquisition Corp. The SPAC has been acquired by a firm called Arqit, which Aron said is “on the cutting edge of quantum encryption and blockchain technology.”
The entertainment company’s latest move seems like an attempt at gaining greater favor with its online investors who pumped its shares during the famous meme stock rally. It also highlights a change of attitudes in the retail sector where buyers have shown interest in crypto payments.
Details about AMC’s crypto initiative are scanty at the moment. Aron and other AMC representatives haven’t explained how Bitcoin -- which broke $45,000 recently -- will pay for movie tickets or how the process will work for the customers.
AMC is America’s largest movie theatre chain and its adoption of cryptocurrencies could spur other competing chains into action.
AMC Posts Better Results in Q2
The second-quarter results were much better than some estimates for AMC, which had been hit severely by the pandemic. Its stock grew by 1,500% this year as investors on Reddit and other online communities coordinated a massive short squeeze.
Following the earnings call, AMC’s shares rose by more than 4%. Interestingly, Aron took a dozen questions from AMC's retail investors during the call and only addressed one wall street investor towards the end.