cryptovibes.com
AMC Entertainment, an American cinema operator, has revealed that it is now ready to start accepting Bitcoin payments for movie tickets in response to heavy demand from crypto customers by the end of this year.
While speaking during an earnings call on August 9, Adam Aron, Chief Executive Officer at AMC, confirmed ready plans for the movie theater chain to advance its infrastructure to accommodate Bitcoin payments for online movie tickets by the end of 2021.
The top executive asserted that the American Cinema giant has decided to accept Bitcoin payments amid growing demand from crypto customers. Concurrently, AMC’s CEO also released this year’s second-quarter performance results, which showed significant improvements for AMC compared to last year.
Remarkably, AMC has performed astoundingly well so far this year, with the cinema operator recording $444 million in revenue for Q2 compared to just $18.9 million in revenue for the same period last year. As expected, the net losses for the firm also declined from $561 million or $5.38 per share to $349million or $0.71 per share year-over-year.
In addition to Bitcoin payment adoption, AMC also announced ready plans to open more than twelve other branches across the U.S, Europe, and the Middle East before the end of this year.
The impressive results for the second quarter have appeared as a relief at the same time when AMC suffered losses that pushed it close to bankruptcy amid escalated Covid-19 pandemic impact that left the Cinema operator shutting down some of its venues.
But, WallStreetbets, a notorious Reddit-based pump-n-dump group, rescued AMC shares through price pumping, with its shares surging more than 900% in January. Interestingly, the price of AMC stock is up 1200% year-to-date after rallying from roughly $2.60 to $34 at the time of publication, based on TradingView data.