AMC Theatres (NYSE:AMC) has been actively pursuing cryptocurrencies to attract a younger, more crypto-friendly clientele. As a result, it announced on Friday that it now supports cryptocurrency payments through its mobile app.
According to Adam Aron, CEO of the company, mobile payments allow cryptocurrencies using Bitpay infrastructure. That includes Dogecoin, Shiba Inu, and other cryptocurrencies that have enjoyed great success with their clients.
Users can now purchase tickets, refreshments, and Shiba Inu and Dogecoin gift cards. You can still buy tickets and products using traditional and alternate digital methods like a credit card, Apple Pay, Google Pay, or PayPal.
AMC introduced bitcoin and other crypto payment options online on November 13. As a result, AMC discovered that cryptocurrency was used in 14 percent of its online sales. As a result, they now plan to increase their mobile payment options.
AMC Theatres made headlines when it became a meme stock in early 2021. It revived a foundering company close to bankruptcy and brought back AMC Theatres. According to CNBC, the traditional theater company obtained a $2 billion war fund. That money will be used to improve and lease additional theaters.
Eric Wold, the senior analyst with B. Riley Securities, stated to CNBC that AMC was the most brightly lit corporation of all meme stocks. The chain just published an NFT collection, which was released with Spider-Man: No Way Home.
AMC’s New Mobile Payment Features Are Not Popular With Investors.
AMC’s latest payment enhancements for mobile apps and desktop sites have disappointed investors. Chief Executive Adam Aron surveyed Apes last spring to determine which cryptocurrency they wanted to use as a payment option. Retail traders overwhelmingly voted for Shiba Inu Token and DogeCoin, Bitcoin, and Ethereum. The new payment options have not impacted the price since they were introduced last week, despite Aron once more demonstrating his willingness to help his investors.
Fantastic Beasts 3 Opens At An All-time Low For The Series And Fails To Impress At The Box Office.
According to studio estimates, Harry Potter and the Deathly Hallows Part 2 had the worst opening weekend. On the other hand, Fantastic Beasts 3 was the #1 box office hit, even though it made only $43 million in its second week, beating Sonic the Hedgehog 2.
AMC Stock Price
The March price increase of NYSE:AMC has been erased by a drop in meme stock’s 50-day moving mean price. AMC shares closed Monday, trading at $17.48 per sen. AMC stock had dropped 3.0 percent by closing. Several macroeconomic factors caused the slowdown in markets in the United States at the beginning of the week. Talk of Fed rate hikes and earnings season contributed to Monday’s volatility that saw all three major indexes finish down again. The Dow Jones Industrial Average lost 39 basis points over Monday’s trading day. S&P 500, NASDAQ, and NASDAQ fell by 0.14%.