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Behind all the popcorn and blockbusters, movie theaters operate surprisingly like airlines. It is a capital-intensive industry defined by perishable inventory, one-sided supply chains, and a global oligopoly where only the biggest players endure. In this Modern MBA episode, we explore how the "Big Four"—AMC, Regal, Cinemark, and Marcus—secured their territory as first-movers in the 90s, creating an impermeable landscape where independent theaters are squeezed out by massive overhead and the relentless need t...