Cinema-goers will soon be able to pay with bitcoin at AMC theaters in the United States according to an announcement on Aug 9.
According to AMC CEO Adam Aron, the movie theater chain will have the IT systems in place to accept bitcoin payments by the end of 2021.
Bring on the bitcoin
He made the comments while speaking during an Aug 9 conference call regarding the company’s second-quarter results, according to CNBC. Aron also revealed that the cinema chain will also start accepting Apple Pay and Google Pay.
He noted that many of the company’s new retail investors are highly enthusiastic about cryptocurrency. AMC shot to fame when its share prices became a meme stock star favored by retail traders on Reddit’s infamous WallStreetBets forum earlier this year.
The bitcoin acceptance plans were not elaborated on but the two assets are a good match for the highly speculative nature and popularity among younger traders. AMC stock rallied more than 4% in extended trading on Aug 9 following a better-than-expected earnings report.
Bumper Q2 for AMC
AMC’s second-quarter results showed solid improvements over the previous year when lockdowns were in full force. The firm reported a higher than expected $444 million in revenue, 2,250% higher than the same period in 2020 which saw $18.9 million in revenue.
A profit could be posted as soon as Q4 if the domestic box office reaches at least $5.2 billion, the CEO stated. “We are not taking a victory lap. We are still losing money; we are still burning cash,” he added.
Aron said that AMC’s journey through this pandemic is not finished, and it is not yet out of the woods, adding:
“However, while there are no guarantees as to what the future will bring in a still infection-impacted world, one can look ahead and envision a happy Hollywood ending to this story.”
In addition to the revenue revelation, AMC also announced plans to open more than a dozen new locations across America, Europe, and the Middle East this year.
Buoyed by WallStreetBets
AMC stock has surged 1,480% since the beginning of the year, outperforming both bitcoin and Ethereum. Starting out the year at $2.14, share prices took off in mid-January, propelled by the Reddit pump-and-dump group WallStreetBets to almost $20 at the time.
In late May, they went skywards again surging to an all-time high of $62.55 according to Yahoo! Finance before retreating to current levels around $34.