MovieTickets CEO: Bitcoin boosts movie spending

For MovieTickets CEO Joel Cohen, expanding the payment options for his company's business has been a top priority for the online movie ticketing company's recent development.

Since 2000, MovieTickets has become one of the largest online movie ticketing sites in the United States, with an estimated 240 theater chains supporting the site's ticket booking services. MovieTickets makes money by charging service fees, and the payment methods it accepts include major credit cards allowed by theater partners.

However, consumers have begun to demand more alternative payment methods, such as Visa Checkout and MasterPass. With this in mind, MovieTickets has been actively expanding its payment methods, including adding a Bitcoin payment option in response to a request from Open Road Pictures (a US independent film distributor).

According to Cohen, while the idea of ​​accepting digital currencies was not a priority, the move ultimately brought new exposure to its brand. Overall, MovieTickets.com now allows moviegoers to purchase tickets using Bitcoin at more than 900 theaters in the U.S., and the company has seen hundreds of Bitcoin transactions so far.

Cohen told CoinDesk:

“I’ve been really surprised at how well it’s been embraced and how positively it’s been received, and we’ve really seen a new audience come in.”

MovieTickets may be the most mainstream merchant to start accepting bitcoin payments recently, but the technology's adoption as an e-commerce tool has been lower than merchants expected, and now their enthusiasm has waned.

Cohen went on to suggest that despite the gloomy situation, the plan to accept Bitcoin is still a success for MovieTickets, arguing that doing so shows that the company is an innovative brand.

Science barriers

Cohen said he hasn’t seen an increase in the number of theaters accepting Bitcoin, but noted that the company is bringing on new theater chains all the time.

Cohen explained:

“We faced a challenge in that we needed to train more than 200 theater chains about digital currency. They trusted us, but many were not familiar with Bitcoin, so we had to spend time explaining what this currency was.”

Cohen said this is necessary because of the lingering connection between digital currencies and illegal activities.

“The public perception of Bitcoin in the past has not been positive,” he added.

Use Cases

The most interesting use case for bitcoin, Cohen said, is the potential for the online payment method to drive sales.

“We’re always looking for ways to drive movie ticket sales, and this is an effective way to sell tickets and it’s been successful,” Cohen said.

Cohen believes that Bitcoin's use cases are limited because consumer adoption of the technology is still in its early stages.

However, he suggested that over time, Bitcoin could grow into a more common payment method.

－－－－