this is what happens. tell me if there are holes in my logic (spoilers)
here it goes. the most obvious explanation to me is that he is still in videodrome at the end . when the head guy from optical puts that apparatus on his head the movie changes completely. the final 20 mins is a complete hallucination. it has to be because he gets from one place to another without no connection. one moment he is in videodrome the next he is in bed . he goes for a walk and gets to pittsburgh where the head of optical isdoing the presentation . also in normal life his hallucinations just come and go in videodrome its all just one big hallucination. as for why his pirate friend is not hallucinating the reason is that he is wearing glasses think about it in the movie only four people watch videodrome him his partner who is wearing glasses ,his girlfriend and the pirate yet only him and his girlfriend are affected . also the wakeup call in the beginning is not done over the airwaves as someone else previously mentioned its a prerecorded cassette that his secretery sends him every night. if you remember when she come in to give him the cassette she infers its a daily thing. the whole movie is not just a hallucination . there is nothing wrong with him at the beginning . in the end he shoots himself because his subconscious is trying to free itself out of videodrome . wether it works is up to us to decide . i like this explanation because it does not detract from the social commentary of this masterpiece .in fact his subconscious will to escape videodrome is agreat metaphor for mans own inner will to seek out the truth behind deception and fiction.the gunshot is a metaphor for our craving to seek the reality outside our minds.
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