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In the United States, cryptocurrencies are coming to theaters: AMC theaters are set to accept payments in dogecoin and Shiba Inu
In the United States, cryptocurrencies are coming to theaters: AMC theaters are set to accept payments in dogecoin and Shiba Inu
19 January 11:37
[TL;DR]
Shiba Inu has been pretty much unstoppable since its debut in August 2020, racking up earnings of nearly 10,000,000%.
Previously this month, movie theater chain AMC Entertainment announced its intention to accept SHIB as a payment method.
Nevertheless, the arrival of the multi-billion dollar company as a merchant would be considered Shiba Inu's biggest catalyst to date.
Dogecoin and Shibu Inu are two meme tokens ready to be used for any kind of transaction on the AMC website.
AMC theater
In late October, Aron had also posted a poll on Twitter asking if the company should accept Shiba Inu payments, and a resounding 81.4 percent of people voted "for Sure."
AMC Theatres had announced in November of last year during an earnings call that the company was already considering how it might accept Shiba Inu. Aron said at the time that the company had found a solution that would allow it to not have to hold cryptocurrency on its balance sheet, with all the associated risks.
Behind the buzz of this crypto move for AMC, there's a real issue. The movie industry is still recovering in terms of attendance due to the pandemic and competition from streaming video options. In this context, payments in cryptos are one more step to try to support cinema admissions by making ticketing services more attractive, especially for an audience - often quite young - that would be likely to use these virtual currencies.
But it must be said that AMC is perhaps mostly forced to maintain the buzz to justify its stock market valuation level, which some consider stupendous, of 20 billion dollars. AMC stock has gained 1.860% in 2021 and has 3 million individual shareholders!
For several months, AMC has been part of the "meme stock" circle, with hundreds of thousands of small investors betting and discussing the stock on forums such as Reddit. But, as with GameStop, the virality of the transactions has caused extreme volatility in the stock market.
Despite reopening all of its theaters worldwide (AMC operates about 950 theaters for a total of 10,600 screens) and posting its highest box office revenue since the pandemic began in October, the U.S. entertainment group remained largely loss-making in the third quarter. "We are making significant progress," Adam Aron said Monday. The virus is still here, we need to sell more tickets."
Author: Gate.io Researcher: Aziz. H
* This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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