Longtime Apple Pay holdout AMC is changing its tune on digital payments after being saddled with more than a year of sagging revenue, thanks in large part to the COVID-19 pandemic.
Variety reports AMC has revealed that it is working on systems to support Apple Pay/Google Pay during its quarterly earnings call. The rollout for Apple Pay/Google Pay is expected to start in 2022.
The biggest American movie theatre chain now accepts bitcoin to pay for tickets and concessions. Young investors can back the company as a meme stock.
Apple Pay is currently not available for tickets and concessions. This scenario is possible because AMC manages both ticket and concessions and has expanded bitcoin support.
AMC faces a dramatic drop in profits because of the COVID-19 pandemic, which kept theatergoers away for more than a year. CinemaSafe reports that most states are now fully operational. However, a rise in delta variant cases may prompt a lockdown.
In December, Warner Bros. shattered AMC’s hopes of quick recovery when it announced that it would temporarily suspend its theatrical window for 2021 in response to an increase in COVID-19 cases.
AMC’s 2nd quarter revenue was $444.7 million, which decreased from the $1.5 billion recorded in the same period last year.