AMC has been getting heavily involved in the crypto space as of late. Working to improve its finances following the effects of the coronavirus pandemic on theater chains throughout America, AMC recently stated that it was permitting BTC and cryptocurrency payments for tickets, concessions, and other items.
AMC Wants to Create Its Own Digital Currency
CEO Adam Aron has also announced that the company is building on its crypto agenda by looking into creating its own unique digital asset for AMC fans to utilize whenever attending films. In a recent interview, he commented that AMC is also aiming to potentially get involved in the non-fungible token (NFT) space given its growth and sudden size.
The NFTs that AMC is looking to release would be in line with major Hollywood studios and would commemorate some of the most well-known films ever created.
But all these ideas pertain specifically to bitcoin, cryptocurrencies, and blockchain technology. The company is also exploring other ideas such as making its own films, which the company has done in the past but has since taken a break from. Aron says:
When so much content is being created, it is interesting to contemplate, ‘Should AMC fund content? Should AMC fund exclusive content?’ These are possibilities that we will be exploring in 2022 and beyond. I have already had conversations with some of the best filmmakers in Hollywood. We have a war chest of equity capital to think differently about our future. Possibly going into joint ventures with moviemakers is something we could consider.
The enterprise is also considering releasing AMC-branded credit cards for serious movie addicts. While this route would not be crypto related, it would open another financial plane for the company to work through. Aron explains:
We have already started discussions with several of the major credit card-issuing banks to see if we can start something in 2022.
Looking Towards the Future
At this stage, Aron is primarily interested in moving forward. The company lost heavy profits during the pandemic, and he is looking to utilize contemporary methods of assisting customers while improving the company’s revenue forecast. He said:
You don’t drive a car looking into the small rear-view mirror and pondering where you’ve been. You look through the big front window at where you are heading. When some people have looked at AMC, they have made the mistake of looking at where we were during the pandemic. They don’t factor into that our enthusiastic new shareholders who have armed us with a war chest of over $1.8 billion… We intend to use it carefully to get to the other side of this pandemic. At the same time, this money should let us think boldly about how we can transform into a new company that does more than just show movies in cinemas.