Cinema chain AMC Theaters will introduce cryptocurrency support
The CEO of one of the largest American cinema chains AMC Theaters announced the integration of several cryptocurrencies at once as a means of payment.
Earlier in August of this year, Adam Aron reported that management is considering adding the main cryptocurrency on the market for ticket and concession fees on the cinema chain. This was also mentioned in the company's report for the second quarter of 2021.
Now the company has decided to expand its horizons, paying attention not only to Bitcoin, but also to Bitcoin Cash, Ethereum, and Litecoin. All these payment methods, according to Aron, will be available to visitors to the chain's cinemas by the end of 2021.
The cryptocurrency adoption plan likely became part of an overall plan to increase sales during the pandemic that hit the entire film business. In early 2021, AMC Theaters, with 593 cinemas in the United States and another 335 overseas, was forced to raise $917 million to avoid bankruptcy. The company also volunteered to support individual investors, joining in the famous subreddit r WallStreetBets, thanks to which AMC shares soared 1600%, reaching $34. Today, AMC shares are listed on the NASDAQ at $46.84.
The losses of the cinema network from the beginning of spring to June 2021 amounted to more than $340 million. Although this number turned out to be less than the assumptions of Wall Street analysts, who predicted monetary losses to the network for $440 million.
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