Apple wants upcoming movies to be released in theaters before they become available on Apple TV+, according to Bloomberg. The company aims to spend $1 billion annually on new movies.
Apple TV+ invests mainly in TV series but also offers a handful of movies that typically premiere directly on the streaming service. That could change in the near future, if we are to believe Bloomberg's sources.
- "Apple Inc. plans to spend $1 billion a year to produce movies that will be released in theaters, according to people familiar with the company’s plans, part of an ambitious effort to raise its profile in Hollywood and lure subscribers to its streaming service," reports Bloomberg.
Killers of the Flower Moon is one of Apple's major upcoming movie releases
Apparently, this includes Martin Scorsese's Killers of the Flower Moon, spy thriller Argylle, and Ridley Scott's drama Napoleon. Apple will give movies "at least a month" in theaters "to please talent and outmaneuver competitors for projects".
However, it is also viewed internally as a plan to use theaters to promote the Apple TV+ streaming service, according to the sources. If a movie does well in theaters, it tends to get more popular once it gets released for home viewing.
The company has pledged to put movies in "thousands of theaters" but it is unclear from the report if this is a global initiative or if it is isolated to North America.
After the acquisition of MGM, Amazon is reportedly planning to release 12-15 movies per year in theaters while Netflix has experimented with short theatrical runs for some of its major releases. Still, most new Netflix movies premiere on Netflix.
- Source: Bloomberg
