The world's biggest movie theater chain has certainly adopted a newfound interest in digital assets after being caught up in the WallStreetBets frenzy earlier this year.
AMC has revealed it is considering creating its very own cryptocurrency.
The world's biggest movie theater chain has certainly adopted a newfound interest in digital assets after being caught up in the WallStreetBets frenzy earlier this year.
Retail investors on Reddit ended up taking on hedge funds who had entered into short positions against AMC, with the company's stock surging by an astounding 2,000% as a result.
As well as exploring the feasibility of launching its own coin, AMC says it has entered into talks with Hollywood producers about creating non-fungible tokens related to major cinema releases.
But AMC's success on this particular front is by no means guaranteed, not least because a number of entertainment giants are seeking to launch crypto collectibles directly.
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Modernization
The news came as AMC announced its financial results for the third quarter of 2021 on an earnings call with analysts.
AMC's CEO, Adam Aron, had previously announced that Bitcoin and Ether will be accepted as a payment method at its outlets by the end of this year. Dogecoin may also be added to this list, not to mention SHIBA INU.
Although the company's newfound crypto-friendly image certainty has given the brand a boost in the eyes of younger consumers, there are still plenty of challenges ahead.
The rise of streaming services during the coronavirus pandemic is of particular concern, with a number of major studios opting to abandon cinematic releases altogether.
Lockdown restrictions also meant that many AMC theaters were closed for a prolonged period of time, with some only reopening recently.
A number of hotly anticipated blockbusters — including No Time To Die, the latest instalment in the James Bond franchise — was repeatedly delayed because of COVID-19.
