It is a film-like experience, at least in the broadest sense. The masses embrace new-fangled technology and it saves businesses from disaster.
One wonders what the future holds for AMC Entertainment Holdings as it embraces cryptocurrency payments.
Invention is born out of necessity. And during the pandemic that seems without end, any number of firms have had to reinvent themselves – especially brick-and-mortar-focused operations that have had to go digital in a hurry. This is more evident than in the case of movie chain chains.
AMC’s Adam Aron tweeted Wednesday, August 15 that the theater chain will accept bitcoin, ether and bitcoin cash for online ticket and concession payment. This tweet was addressed to cryptocurrency enthusiasts.
Cryptocurrency lovers: You probably know @AMCTheatres that we will be accepting Bitcoin online for ticket and concession payments. This announcement was made by @AMCTheatres at the end of 2021. Today, I can confirm that we will also accept Ethereum, Litecoin, and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
– Adam Aron (@CEOAdam September 16, 2021
This announcement is not surprising. On the last AMC earnings call, last month, it was mentioned that cryptos were being accepted.
The tweet from this week provides some clarity on what is to be done at the (digital ticket counter) and what is not. A world in which AMC is a meme stock that has plummeted and soared, it is important to note that Dogecoin, quite possibly the ultimate meme crypto, is not one of the cryptos being accepted so far.
A growing number of people want crypto to be woven into their financial lives and offered as a payment option for all transactions. Recent PYMNTS research shows that nearly half of those who have used digital currency to pay for goods or services have done so with transactions less than $100. Around 18% of the population would consider using cryptos for a purchase.
Data shows that there are a lot of people who would like to make small-dollar crypto payments. This would allow movie tickets and concessions to be included in the picture. However, unless you take a family of four, then pricing can get a little too high.
The mechanics of the transaction are not well-documented. For example, a small amount of bitcoin (recently valued at $48,000 per bitcoin) and a larger fraction of Litecoin ($190) could be used. Fiat is the input and output of transactions, and the place where crypto is located is on exchanges. It is difficult to determine a conversion price at any given moment due to the volatility of many digital offerings. This’snapshot” is further complicated by transaction fees, which can add up to several hundred dollars per bitcoin. These fees can take anywhere from a few minutes to an entire hour.
The idea of using cryptos to go to the movies suddenly seems more novel than any other, with more twists than a Mission: Impossible motorcycle chase.