AMC Entertainment Holdings (NYSE:AMC) CEO Adam Aron revealed that over a third of the theatre chain’s online payments are comprised of cryptocurrency and digital avenues.
What Happened: In a quarterly earnings call on Monday, Aron said that venturing into cryptocurrency acceptance had been a “massive home run” for the company.
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“We found is that the same programming that was needed to accept cryptocurrency is the exact same programming that we needed to accept Apple Pay and Google Pay, PayPal, and a whole bunch of other payment types,” said Aron.
The AMC CEO explained that while crypto usage itself was modest, the new payment types like Apple Inc’s (NASDAQ:AAPL) Apple Pay and Alphabet Inc Class A’s (NASDAQ:GOOGL) Google Pay were a big win for the company.
“When you take all of those new payment types that we introduced for AMC as a result of our exploring crypto, again, it's in the neighborhood of one-third of our total online ticketing is now being paid for in all these various alternate payment methods,” he said.
“So I would say this whole endeavor has been a massive success for us.”
AMC began accepting Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in November last year. Upon popular demand from its customer base, the theatre chain also added support for meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) as payment methods this March.
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AMC reported revenue of $785.7 million in the first quarter — a significant uptick from the $148.3 million recorded in the first quarter of 2021.
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years,” stated Aron.
Price Action: AMC shares closed 9% lower on Monday, according to data from Benzinga Pro.
The market-leading cryptocurrency Bitcoin was trading at $32,300, down 3.5% over 24 hours and 16% over the last seven days.