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AMC Announce Deal with Warner Bros. and Future Use of Cryptocurrency

Photo by Donreal Lunkin via Unsplash

AMC Announce Deal with Warner Bros. and Future Use of Cryptocurrency

By Movieguide® Staff

During a quarterly earnings call, AMC Entertainment chairman-CEO Adam Aron announced that the theater chain would make two significant changes at the end of 2021 and in 2022.

First, Aron revealed that by the end of the year, AMC theaters would be capable of cryptocurrency payments, like bitcoin, to purchase online U.S. movie tickets and concessions.

According to Deadline, Aron noted that many new retail investors are excited about cryptocurrency.

Secondly, Aron discussed AMC’s recent deal with Warner Bros. to show the studio’s 2022 slate of movies, exclusively for 45 days.

This is a notable return to a more traditional theatrical window after Warner Bros. agreed to show their 2021 slate of movies on the streaming platform HBO Max as well as the theater.

Aron confessed that, like most theater chains, “AMC was not happy” with the news of the HBO Max and Warner Bros. agreement. However, Aron said that he looks forward to what their partnership will entail for 2022.

“It’s especially gratifying that Warner Bros is yet again embracing a theatrical window,” Aron said. “For us at AMC, it’s especially pleasing to be working so harmoniously with Warner Bros. once again.”

Aron added: “We’re in active dialogue with every major studio on this topic. We’re hearing considerable support that an exclusive theatrical window is an important way to build a successful movie franchise.”

AMC and Warner Bros. did agree to shorten the theatrical window from the traditional 75 days to 45 days.

AMC Theatres has reached a formal agreement with Warner Bros. to show the studio’s 2022 slate on the big screen for an exclusive 45-day window.

Although the pandemic leveled theater chains across the country and forced AMC to close its doors, Aron said that the internet label of “meme stock” lifted its stock price to record highs.

Variety reported:

In the second quarter of 2021, AMC has seen improvements, with revenues hitting $444.7 million, up from $18.9 million in the year-ago period. At the same time, its losses shrank: AMC recorded a net loss of $344 million, down from the $561.2 million in losses in the same frame in 2020. The exhibition company had a net loss of 71 cents per share, an improvement on the $5.38 per share from the same time last year.

As the cinema landscape is constantly shifting, AMC’s deal with Warner Bros. and its plan to incorporate bitcoin are not a surprise to other theater chains or the entertainment industry.

Read Also: Why You Should Use Bitcoin to Support Movieguide®

As the box office struggles to regain its footing, day-to-date models implemented by HBO Max and Disney+ have only provided middle-of-the-road success in the post-pandemic market.  Movies such as CRUELLA, JUNGLE CRUISE, and GODZILLA VS. KONG performed well but were beaten out by theater exclusive releases like A QUIET PLACE PART II and F9.