AMC Entertainment is looking to accept bitcoin as a form of payment and plans to launch non-counterfeitable tokens (NFTs). Referring to its exploration of NFTs, the company said it is currently “in conversation with multiple major Hollywood studios regarding the concept of joint commemorative NFTs associated with major film productions shown in their theaters.” The company also said it is exploring the launch of its own cryptocurrency. For the quarter ended September 30, 2021, the company’s revenue beat expectations as moviegoers returned to the big screen. Revenue rose from $119.5 million to $763.2 million, but CEO Adam Aron said there are more challenges ahead.
“Our financial performance continues to improve.” “One can see and feel that our industry and our company are on a path of recovery and improvement. … However, even in the midst of such good news, we are not yet where we want and need to be.”
Last quarter, the company had said it would look to offer new payment methods, such as bitcoin. During Monday’s earnings call, the CEO said AMC continues to look at other cryptocurrencies, such as Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC) and Shiba Inu (SHIB), for payments as well. It has even had discussions with third parties about launching its own cryptocurrency.” This is the 21st century, after all, and it looks like AMC may have a real opportunity in these areas,” Aron said on a post-earnings conference call.
But he added that those talks are still preliminary and there are no guarantees.AMC is also exploring selling its own brand of popcorn in grocery stores. A huge 80 percent of its shareholders are individual investors who buy and hold shares in the company. In addition to cryptocurrency, the company is considering funding exclusive content, and for AMC-branded credit cards, they’re already in discussions with major credit card issuing banks for 2022.Adam Aron said they have an army of new retail investors who are “financially and emotionally very invested in our company.” On the topic of esports and gaming, Adam Aron noted that Epic Games president Adam Sussman is on AMC’s board of directors, and “not a week goes by that we’re not asked to enter into a partnership with GameStop, which obviously many of you have heard about.”