AMC Entertainment to accept cryptocurrency as payment in theatres By End of 2021

Major cinema operator AMC Entertainment has reported that all of its cinemas in the US are now open, and has stated its intention to accept cryptocurrencies in theatres by the end of the year. 

As entertainment venues begin to relax their restrictions following lockdown, cinema’s across the US venues that faced huge losses over the last year and a half are now beginning to open up to the public and recoup some of their losses. AMC Entertainment reported 22 million guests attending their cinemas during the firm's second quarter earnings.

The CEO Adam Aron commented on the future of the company, stating that the company had raised $1.25bn in the quarter which will help the company “navigate boldly amongst coronavirus waters”: 

“AMC’s journey through this pandemic is not finished, and we are not yet out of the woods. 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. We would like to think that someday when a movie is filmed about AMC and COVID, its title will be one compelling word, ‘Recovery.’ But, only time will tell,” 

AMC’s theatre chain understandably felt the impact of the coronavirus pandemic, having been forced to shut their theatres for several months and reported a loss of $4.5 billion in 2020, losing $946 million in the last quarter of 2020 alone. Nonetheless, the positive sentiment expressed in the earnings call has extended to the share price of AMC.

Following the earnings call AMC shares went up 5.3 % to $35.60, driven perhaps by the Entertainment company’s decision to accept cryptocurrencies (as well as Apple Pay and Google Pay) in their theatres by the end of 2021. 

Other major companies that have made the decision to accept Bitcoin include big tech companies such as Microsoft, and global companies such as Starbucks and Coca Cola. The decision to accept payment in cryptocurrency will be increasingly expected by the increasing percentage of American’s who hold bitcoins and other cryptocurrencies. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.