The largest theater chains including AMC Entertainment , Regal Cinemas and Cinemark will invest more than $2.2 billion over the next three years to upgrade theaters in the U.S. and Canada, an industry group announced on Thursday.

With movies hitting streaming services quicker than ever and customers cutting back on spending, the allure of actually going to the cinema is dwindling. However, the biggest theater chains in the United States and Canada have a $2.