Movie goers will soon be able to pay with Bitcoin at AMC theaters in the United States, according to a statement on August 9.
According to AMC CEO Adam Aron, the cinema chain will have IT systems in place to accept Bitcoin payments by the end of 2021.
, Aron made the announcement in an August 9 conference call regarding the company’s second quarter results. The CEO also revealed that the movie theater chain will also begin accepting Apple Pay and Google Pay. Sponsored Sponsored
He noted that many of the company’s new retail investors are very enthusiastic about cryptocurrencies. AMC gained notoriety when its stock prices were popularized in memes by retail traders on the infamous WallStreetBets forum on Reddit earlier this year.
Bitcoin’s acceptance plans have not been detailed. But the two assets fit well with the highly speculative nature and popularity among young traders. AMC shares rose more than 4% in extended trading on Aug. 9 after a better-than-expected earnings report.
Strong Q2 for AM
AMC’s second-quarter (Q2) results showed a significant improvement over the prior year’s full lockdown. The company reported higher than expected $444 million in revenue. This is as much as 2250% higher than the same period in 2020, when revenues were $18.9 million.
Profit will be booked as early as the fourth quarter if the domestic box office reaches at least $5.2 billion, the CEO said.
We’re not doing a round of honor right now. We continue to lose money, we continue to burn cash.
Aron said AMC’s journey through this pandemic is not complete and the company is not out of the woods yet, adding:
While there are no guarantees about what the future holds in a world still affected by a pandemic, you can look ahead and imagine a happy Hollywood ending to this story.
In addition to the revenue revelations, AMC also announced plans to open more than a dozen new locations in America, Europe and the Middle East this year.
Driven by WallStreetBets
AMC stock is up 1480% year-to-date, trumping both gains on <a href=”https://beincrypto.pl/cena/bitcoin/” ta
rget=”_blank” rel=”noopener”>Bitcoin, as well as Ethereum. Starting the year at $2.14, share prices shot up in mid-January, driven by a pump-and-dump group on Reddit’s WallStreetBets to nearly $20 at the time.
They skyrocketed again in late May, reaching an all-time high of $62.55 according to Yahoo! Finance, before falling back to their current level of around $34.
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