AMC Entertainment plans to introduce a new payment option by the end of 2021. Thus, the company hopes to increase sales during the pandemic.
Operator of the world’s largest movie theater chain AMC Entertainment is preparing to add the option of selling movie tickets with Bitcoin, AMC CEO Adam Aron said, according to CNBC .
Payment in cryptocurrency will be available when buying online, the new method should appear before the end of 2021. The company expects in this way to increase sales during the pandemic.
In addition to accepting bitcoin, AMC plans to add Apple Pay and Google Pay to all of its cinemas, Deadline reports, citing Aron.He spoke after the publication of the network’s quarterly reports.
During this period, its revenue grew by 19%, to $ 444.7 million, which exceeded forecasts. Against this background, the company’s securities rose in price by 7%.
AMC Entertainment owns about 1,000 cinemas in the United States and Europe. Despite the growth in revenue, the company’s losses in the second quarter amounted to $ 344 million.
It was able to resume the work of all its cinemas only at the end of June this year.
At the beginning of this year, AMC was on the verge of bankruptcy due to quarantine restrictions. Many cinemas have been closed and studios have postponed premieres of their films.
However, social media users sparked a surge in the value of several stocks, including AMC. As a result, the network was able to place additional securities, raise funds and avoid bankruptcy.
This year, AMC shares have shown an increase of 3012%. In early January, they traded at $ 2.01 and reached a high of $ 62.55 on June 2. The closing price on August 9 on the NYSE was $ 33.8.
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