American movie theatre chain AMC has announced that it will begin accepting bitcoin payments for tickets and concessions by the end of the year. With this recent move, the company joins several other major American brands – AT&T, Microsoft, Wikipedia, etc., – as an early adopter of cryptocurrency.
"We... are in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe," said Adam Aron, CEO of AMC. Moviegoers can expect new bitcoin-accepting technology to be available by the end of 2021, but only for online use.
Those familiar with the recent Reddit-backed 'memestock' revolution will recognize that AMC's sudden interest in cryptocurrency coincides with the company's massive spike in shareholders; the result of which appears to be triggered by the same Reddit community responsible for Gamestop's unexpected stock surge.
Crypto-Forward Movie Theatres
AMC Set to Accept Bitcoin for Movie Tickets and Concessions
Trend Themes
1. Cryptocurrency-expanded Payment Options - The trend of major brands accepting cryptocurrency as payment expands, providing an opportunity for other businesses to adopt cryptocurrencies in their operations.
2. Online-centric Purchasing - The shift towards online purchasing and the integration of cryptocurrency into online payment systems presents an opportunity for businesses to develop new online-centric strategies.
3. Social Media-connected Financial Decisions - The Reddit-backed 'memestock' revolution and its influence on AMC's decision to accept cryptocurrency highlights the growing importance of social media in financial decision making, creating opportunities for businesses to engage with customers through social media.
Industry Implications
1. Retail - The expanding trend of cryptocurrency-based payment systems within retail presents an opportunity for businesses within the industry to integrate cryptocurrency as a payment option for online and in-store purchases.
2. Entertainment - AMC's decision to accept bitcoin for movie tickets and concessions presents an opportunity for other businesses within the entertainment industry to adopt cryptocurrency and create new customer experiences around it.
3. Financial Services - The growing role of social media in financial decision making creates opportunities for financial services to engage with customers through social media platforms and develop new services and products that are tailored towards cryptocurrency use.