Cinema to introduce Bitcoin payments for movie tickets by 2022
The AMC Entertainment announced that by 2022, the Cinema Operators will hold the technology to accept bitcoin payments for movie tickets and concessions.
On Monday, AMC Entertainment beat their second-quarter earnings estimations due to the reopening of cinemas after restrictions, leading to a 4% share increase in extended trading.
The movie releases of “F9: The Fast Saga” – the newest part of the “Fast and Furious” series – and “Godzilla vs Kong” allowed AMC to recover from its economical damages from the corona pandemic lockdowns.
Adam Aron, the Chief Executive Officer stated U.S. ticket income in the third quarter was on the path to touch 45% of the same quarter in 2019.
Aron added on “That trend line is pointing up. We certainly have a way to go but the progress is clear.”
AMC also announced a contract with Warner Brothers for all their upcoming movies to get exclusive shows at their cinemas for 45 days before public release.
Michael Pachter, a Wedbush analyst affirms that this decision of going back to 45 days is ‘great’.
Aron revealed that AMC would discuss potential partnerships with GameStop too, and selling merchandise from cinemas.
One of the “meme stocks increased 19% to $444.7 million in the quarter finished on June 30. Refinitiv IBES data notes that Analysts expected it to be $382.1 million.
AMC increased an extra $1.25 billion of new equity capital in the quarter, bringing AMC’s quarter-ending liquidity to higher than $2 billion.
The company reveals a loss of 71 cents per share, except on items, which is much less than 91 cents which analysts expected.