The barriers to entry for VR entertainment are low I think,...

The barriers to entry for VR entertainment are low I think, since anyone can buy a bunch of VR equipment and rent a warehouse and set up a VR entertainment venue. The advantage that IDZ has, in my mind, is that they've got a deal to open in Westfields. No other VR business is rolling out across multiple Westfield centres.

Having been a shareholder in Event Hospitality, as well as a consumer of their cinema services (Event Cinemas), I am of the conviction that location is absolutely crucial for an entertainment venue chain. Those which can stitch up the best locations has a what I believe to be a very large competitive advantage. I don't think it's a coincidence that Event can charge higher ticket prices than independent / smaller cinema operators, and yet still get better attendance numbers, and generate more profits. The key is that Event has a deal with Westfields to be the main cinema operator, and it is through their Westfield locations that they've managed to maintain their dominance as a cinema operator year after year.

If you're going out with friends for a movie, you're just not going to go to a cinema out in the sticks to save 5 bucks on a movie ticket. That's the power of location. It's a key part of why I'm optimistic about Freak's expansion, with Freak's Westfield deal.

In regards to communication by the company, I've never seen much value in contacting management. They can't tell you anything materially important that they haven't told the market, and they can't disclose sensitive operational info. So they just end up telling you what you want to hear, often painting a bullish picture of growth. It's not very useful personally to me as an investor. However, while I don't fault a CEO for not returning small shareholders' calls, I do think it's helpful to have someone, such as an investor relations personnel, to address any queries shareholders might have.