- NYSE:AMC fell by 1.71% on Thursday as the broader markets closed lower yet again.
- The cryptocurrency buzz from CEO Adam Aron carried over into Thursday’s news.
- AMC started its first ever multimedia advertising campaign to boost its ticket sales.
NYSE:AMC seems to be pulling out all of the stops to try and tempt movie fans to ditch movie nights at home. The COVID-19 pandemic has made movie night a tradition as people around the country steered clear of public places like cinemas. On Thursday, shares of AMC fell by 1.71% as investors shrugged off the company’s recent attempts to modernize online ticket buying. The move comes as other meme companies like GameStop (NYSE:GME) are also battling consumer habits of previous generations, by implementing digital transformation and an emphasis on the eCommerce side of its business.
AMC CEO Adam Aron clarified which cryptocurrencies AMC would accept if consumers wished to purchase tickets online. While adding cryptos as a payment method is generally seen as forward thinking, the truth is a vast majority of Americans still are not invested in the digital tokens. AMC may be looking to stockpile cryptos it accepts as payment, in order to reap the rewards of future price gains. Other companies like Tesla (NASDAQ:TSLA), Square (NYSE:SQ), and of course MicroStrategy (NASDAQ:MSTR) have all dabbled with cryptocurrencies on their balance sheets, in hopes of capturing a future rise in value.
AMC Entertainment Holdings stock
Interestingly enough, AMC began its first ever multimedia advertising campaign last week, in hopes of raising interest in ticket sales. The advertising campaign was directed by Academy Award winning directors Jeff and Tim Cronenweth, and star Hollywood actress Nicole Kidman. The ads are being played in all AMC movie theaters, as well as on various other online platforms. The campaign cost a total of $25 million, and is highlighted by the message: AMC Theatres: We Make Movies Better.
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