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Tuesday, July 16, 2024

AMC Explores Launching Its Own Cryptocurrency, NFTs and Popcorn

AMC Theatres, announced that the company is exploring launching its own cryptocurrency, non-fungible tokens (NFTs) and its own brand of popcorn. The company is planning to add Dogecoin as payment method too and also exploring SHIBA INU.

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AMC Theatres, originally an abbreviation for American Multi-Cinema announced that the company is exploring launching its own cryptocurrency in a fresh nod to the meme investors who have sent AMC stock soaring over 2,000% this year.

The theater chain was in talks with Hollywood studios to launch non-fungible tokens (NFTs), a type of digital asset which uses blockchain to record the ownership of items such as images and videos, after the company handily beat estimates for quarterly revenue as moviegoers returned to the big screen.

“This is the 21st century after all, and it would seem that there may be a real opportunity for AMC in these areas,” CEO Adam Aron said in a post-earnings call, referring to its foray into NFTs

The company is also exploring to launching its own brand of popcorn to sell in the grocery stores.But the talks were still preliminary and there was no assurance, he said

The CEO of AMC Adam Aron, stated previously that Bitcoin (BTC) and Ethereum (ETH) would be allowed as payment methods at the company’s locations by the end of the year. Now the company is planning to add Dogecoin as payment method too and also exploring SHIBA INU.

During the epidemic, the world’s biggest movie-theater chain struggled as attendance declined, but increasing COVID-19 vaccines, lessening limitations, and new movies like “Shang-Chi” and “Black Widow” are pushing moviegoers returned to the big screen.

Still, Aron warned that there are more challenges ahead and said the company needed to sell more tickets as adjusted core earnings was below pandemic levels.

AMC’s shares dropped nearly 5% in extended trading, but have risen over 20X in value so far this year, largely driven by an army of retail investors coordinating their buying on forums such as Reddit’s WallStreetBets.

AMC’s third-quarter sales totaled $763.2 million, beating the $708.3 million average of analysts’ estimates. On every share, AMC Entertainment posted a loss of 44 cents, excluding some items, better than analysts’ expectations for a 53-cent loss according to IBES data from Refinitiv.

The revenue marked the best quarterly result since the first period of last year. Theaters are mostly reopened now following Covid-prompted closures. Still, the movie goers are not so much hasn’t returned to levels seen before pandemic.

However, no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us,” Aron said.

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