AMC CEO Updates Community on Cryptocurrency, NFT Projects on Latest Earnings Call

During its fourth-quarter 2021 earnings call later Tuesday, Adam Aron, CEO of iconic theater chain AMC Entertainment, briefed the community on the company's latest efforts to adopt cryptocurrencies. As Adam Aron stated, AMC will begin accepting Dogecoin (DOGE) and Shiba Inucoin (SHIB) “within a few weeks.” AMC began accepting online payment for movie tickets via major cryptocurrencies last year. The company said it is also exploring the option of issuing its own currency, an idea that has been brewing for a long time as it monitors the current regulatory framework for cryptocurrencies.

Aron also expressed his appreciation for the blockchain industry: "We will continue to explore how AMC can participate in the booming encryption world, and we are still very interested in potential business opportunities." Aron continued:

"Additionally, AMC will support online payments with Apple Pay, Google Pay, and PayPal. Incredibly, as we saw in the fourth quarter of 2021, in just a few months, Three payment methods, along with cryptocurrencies, already account for more than 15% of our online ticketing activity."

But AMC has also been taking root in the non-fungible token (NFT) space. Since last November, the company has completed four NFT campaigns, delivering more than 800,000 NFTs to consumers. These include NFTs offered as part of ticket sales for films in the Spider-Man, Dune, and Batman franchises, as well as NFTs offered to shareholders as part of AMC's Investor Connection. The company plans to launch more NFT projects this year, including those with studios, as well as its own projects, which the company says have the potential to boost attendance at AMC theaters. According to Aron, AMC's "Spider-Man" NFT sold for as much as $17,000 on the secondary market.

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