US theatre chain AMC is considering expanding the cryptocurrencies it currently accepts, exploring adding Shiba Inu to its accepted cryptocurrencies which include Bitcoin and Dogecoin. AMC also announced today that it may create its own cryptocurrency.
AMC suffered during the pandemic, as was the case with most entertainment venues, and after closing their theatres for several months they reported a loss of $4.5 billion in 2020, losing $946 million in the last quarter of 2020.
In July, AMC CEO Adam Aron announced the companies intention to accept cryptocurrencies, initially starting with Bitcoin, and then announced in September that AMC would also accept ether, bitcoin cash, and litecoin.
The decision by AMC follows the efforts by Reddit traders to convince thousands of people to buy AMC stock, effectively rescuing the struggling Theatre chain. AMC was up by more than 400% at one point, during pre market trading, before opening at 250 %.
AMC’s decision to accept cryptocurrency in exchange for goods and services was announced via Twitter, and more recently in October Aron produced a poll for his Twitter followers on whether AMC should include Shuba Inu in its list of accepted cryptocurrencies. Of 150,000 votes, over 80% of participants voted in favour of including Shiba Inu.
The results of the Twitter poll were clearly taken into account, as this Monday on AMC’s Q3 earnings call, AMC revealed they are now looking into accepting Shiba Inu, which alongside other crypto payments would conceivably go ahead in Q1 2022.
A number of entertainment and sporting companies have turned to cryptocurrency to bolster their flagging returns, which during the pandemic saw the entertainment industry practically drop to a standstill. NFTs, in particular, have been a new source of income for the film industry, with the release of film-based NFTs being all the rage at the moment.
AMC confirmed that they are currently in the process of exploring NFTs, and how they could be included in their theatres, Aron noted:
“I can confirm today that we have been exploring with third parties over the past few months both how we can accept cryptocurrency and if it is feasible for AMC to consider even launching our own cryptocurrency,” Aron said. “Similarly, I can confirm to you today that we are now in conversation with multiple major Hollywood studios about the concept of joint venturing commemorative NFTs related to major film titles that show in our theaters.”
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