AMC Theatre Mobile App To Accept Crypto

2022-06-01, 05:52

AMC is the acronym for America Multi-Cinema, now called American Entertainment Holding.

AMC was founded in 1920 with its headquarters in Leawood, Kansas.

The Movie theatre chain founded by Edward, Maurice, and Barney Durwood now has about 946 theatres and 31,198 employees.

AMC recorded over $2.53 billion in revenue, $1.27 billion in net income, and $10.82 billion in total assets in 2021.

AMC Entertainment, AMC Loews, AMC Cinema Suites, AMC Red Kitchen, Michigan theatres, Nordic Cinema Group, and Military service Inc are some of the subsidiaries of American Entertainment Holdings.

The Chief Executive Officer (CEO) of American Entertainment Holdings, Adam Aron, announced that people can now purchase movie tickets using crypto tokens via the mobile app.

The mobile app is available for Android and Apple users via the Android and iOS stores.

The cryptocurrencies allowed include Bitcoin, Doge, Shiba Inu, Ethereum, etc.

The wide acceptance and the buzz about cryptocurrency keep going beyond expectation. No expert or soothsayer could have predicted a couple of years ago that crypto would become widely accepted in this nature.

Today, there are no industries or sectors where cryptocurrency is not an essential medium for transaction, exchange, or trading. It is expected that more investors will keep trooping into the market and expanding.

One industry that has embraced crypto is the movie (entertainment) industry. Our spotlight in this article shall be on the AMC Theatre and the new update that allows you to pay for your movies in crypto tokens on the mobile application.

Let's move to the details surrounding the update, but Firstly, we shall introduce you to the activities of the American Multi-Cinema, now The American Entertainment Holdings.

The American Multi-Cinema (AMC)

American Entertainment Holdings is a prominent American movie theatre chain founded in 1920. It was formally called The American Multi-Cinema, and that was where it culled its nomenclature, The AMC.

AMC has its headquarters in Leawood, Kansas, with the largest movie theatre chain in the world. It is known as AMC Cinemas or AMC Multi-Cinemas in some countries.

Edward, Maurice, and Barney Durwood founded American Entertainment Holdings in 1920 and now have about 946 theatres. AMC has approximately 31,198 employees.

In 2021, AMC recorded over $2.53 billion in revenue, $1.27 billion in net income, and $10.82 billion in total assets. Its
subsidiaries include AMC Entertainment, AMC Loews, AMC Cinema Suites, AMC Red Kitchen, Michigan theatres, Nordic Cinema Group, Military service Inc, etc.

Having identified the details of American Entertainment Holdings, we shall look into how it has adopted crypto as part of its payment plan.

AMC Theatre Mobile App And Crypto Payment

The largest movie theatre in the United States, AMC, recently announced that you could purchase movie tickets via its mobile app using crypto.

The announcement came via a tweet made by Adam Aron, the Chief Executive Officer (CEO) of American Entertainment Holdings. In his tweet, Aron said, “ AMC’s US Theatres now accepts online payments using Dogecoin, Shiba Inu, and other cryptocurrencies.....”

To date, the names of the other cryptocurrencies have not been mentioned. Still, the acceptance of Dogecoin and Shiba Inu opens a new frontier for the entertainment conglomerate and its patrons.

According to Aron, you have to update your AMC Theatre app on the Android play store or iOS store to use crypto payments. The payment via the Mobile app is integrated with BitPay.

It is interesting to know that since October 2021, AMC Theaters has started accepting Dogecoin. However, you can make transactions of up to $200 per day only through digital gift cards.

AMC Theatre firstly announced that it would begin accepting crypto in August, albeit it was until January 2022 that Aron tweeted to include DOGE and SHIB among their payment tokens. The company fulfilled its promise by March.

Since November, customers can purchase movie tickets online using Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). After this announcement, Dogecoin enthusiasts felt cheated and embarked on social media agitation to get DOGE to be included.

Aron said, since the adoption of crypto payment by American Entertainment Holdings, AMC Theater has recorded 14% of its total online transaction from crypto payment.

The use of crypto for movie tickets and popcorn is only available in the US for now. You can buy tickets via other payment platforms like PayPal, Apple pay, Google Pay, and credit card.

Features Of The AMC Mobile App

AMC Theater rolled out its mobile ticketing application to enable its patrons to buy movie tickets. The app is available on Android and iOS stores.

The mobile app has exciting features that are not limited to purchasing movie tickets alone. They include;

You can use the mobile app to locate the nearest and most accessible AMC cinema to your location. The mobile app supports your device's GPS once enabled.

You can also view showtimes and the movies line-up for the day and the next. Using your handset, you can check what movie is available and the convenient ones for your schedule.

Finally, the mobile ticketing app incorporates the AMC theatre's Stubs rewards program. If you are a loyalty program user, you can log in and manage your account using your email address and password.

Conclusion

AMC theatre is not the only cinema taking payment in crypto. Regal cinema and some others accept crypto payment, and there are plans by other cinemas to accept crypto payment in the nearest future.

Since the launch of the mobile payment platform and the acceptance of crypto tokens, AMC Cinema has increased its online payment revenue by 14%.

There are expectations that American Entertainment Holdings will allow other crypto tokens to be used for movie ticket payments as soon as possible.

Author: Valentine A., Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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