Got bitcoin? You can go to the movies.
In an effort to stay current and appeal to younger demographics, AMC Theaters will aim to accept bitcoin as a payment by the end of 2021. The Wrap is reporting on the decision, which was revealed by AMC CEO Adam Aron on the company’s second-quarter earnings call on Monday.
This is all a creative way to make more money. The company hopes you pay in bitcoin, and then that bitcoin continues to grow in value if they hold it. That's because they are still operating at a massive loss, thanks to the pandemic. AMC reported it lost $344 million between March and June. That sounds bad, but Wall Street predicted it would lose $440 million in that period, so AMC was actually happy with those results.
This acceptance of bitcoin is definitely a way to drive profits. All 593 AMC locations are open across the U.S., and Aron said he thinks while they are not out of the woods, the company is on an upward trajectory. That's important not only for them but for the studios ready to release movies when the pandemic ends.
Will you be using bitcoin in AMC? Let us know in the comments.