AMC Entertainment in Conversation with Major Hollywood Studios to Launch NFTs and Explore Issuing its Own Crypto
AMC Entertainment is looking to accept Bitcoin as a payment method and is planning to launch non-fungible tokens (NFTs).
Referring to its foray into NFTs, the company said it is currently “in conversations with multiple major Hollywood studios about the concept of joint commemorative NFTs related to major film titles” that show in its theaters.
The company also said it was exploring launching its own cryptocurrency.
For the quarter ended Sept. 30, 2021, the company beat revenue estimates as moviegoers returned to the big screen. Revenue rose from $119.5 million to $763.2 million, but CEO Adam Aron said more challenges are ahead.
“Our financial results continue to improve.” “One can see and feel that our industry and our company are on a path of recovery and improvement. … However, even amidst such good news, we are not yet where we want and need to be.”
Last quarter, the company had said that it would be looking to offer new payment options such as Bitcoin. On Monday’s earnings call, the CEO said that AMC continues to look at other cryptocurrencies like Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), and Shiba Inu (SHIB) for payments as well.
It has even spoken with third parties about launching its own cryptocurrency.
“This is the 21st century after all, and it would seem that there may be a real opportunity for AMC in these areas,” Aron said in a post-earnings call. But the talks were still preliminary, and there was no assurance, he added.
AMC is also exploring selling its own brand of popcorn in grocery stores. An enormous 80% of its shareholders are individual investors who buy and hold the company stock.
Besides crypto, the company is looking at funding exclusive content, and for AMC-branded credit cards, they are already having discussions with major credit card-issuing banks for 2022. Aron said they have a new army of retail investors who are “very much invested in our company financially and emotionally.”
On the topic of esports and gaming, Aron noted that Epic Games president Adam Sussman is on AMC’s board and, “Not a week goes by that we aren’t asked to form a partnership with GameStop, which apparently many of you have heard of.”