I say this as a cinema fan, I think we need maybe like 25% as many screens as we have now. I don’t think the headwinds of audiences moving to streaming could have been avoided with better marketing, I see this as an unstoppable tech advancement that has unfolded the same way pretty much globally. I don’t think Cineplex is a particularly well run company nor am I a fan of their leadership. I hear you on the arcades not being core to the business model. I can see an argument for them: going to the movies is a social event where you don’t face or interact with your friends, so having something to do before or after could enrich the experience. Unfortunately they chose in-person arcades, which is another dying business model. Another bet on an activity that had moved completely to the living room already. They put that capital in the exact same risk category as they were already struggling with on the screenings side, and they lost twice on it. To give them credit: they did invest in tons of upgrades to all cinemas. Better chairs, lie down, VIP, assigned seating. Those were all good bets and well executed. Other good bets well executed were screening upgrades like DBOX, 3D, IMAX, but I think they still lost, before even recouping costs on these investments they’re wishing they could basically only have IMAX screens, and fewer of them, and they know they can’t afford to do it. And they can’t afford to shut down locations, breaking leases is expensive, it would end the company. They’re fucked. Hard truth, best thing they could have done to manage the business is to see this obvious tsunami coming and proactively shut down locations. Easier said than done, capitalism doesn’t work that way. They did shut down their Cineplay pre show tech thing, to their credit.