Apple to spend $1-billion/year on films for cinema
spend US$1-billion a year to produce movies that will be released in cinemas, 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.
While Apple has agreed to theatrical releases in order to please talent and outmanoeuver competitors for projects, the company also views cinema as a way to build awareness for its TV+ streaming service. If the company is going to spend hundreds of millions of dollars on a Scorsese movie, it wants to turn that into a cultural event. Apple TV+ is estimated to have between 20 million and 40 million subscribers, fewer than rivals such as Netflix and Disney+.
Like most streaming services, Apple TV+ spends more of its budget on TV shows. Its first huge hit was the comedy series. Yet Apple has been funding movies from the inception of its Hollywood studio and the smartphone maker’s ambitions in film have grown since it won an Academy Award for best picture for 2021’s. Apple acquired that movie at the Sundance Film Festival for a record $25-million and distributed it simultaneously in cinemas and on TV+.
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