03/09/2026
129 independent cinemas. 318 screens.
That is the scale of the capital constraint identified by Digital Mark II.
At ICA’s central modelling scenario, these cinemas face an indicative digital infrastructure renewal requirement equivalent to five or more years of full modelled operating profit.
That is before that operating profit pays for tax, debt, working capital — or the other things cinemas need to replace: seating, sound, accessibility, air conditioning, foyers and building works.
Digital projection is essential infrastructure. But the capacity to replace it is not evenly distributed.
Read the research: https://drive.google.com/file/d/1vw6mAfHbWi1Sl8JD8lFPkoxHXn3et3Nt/view?usp=drive_link