Apple to spend $1 billion annually to produce films for Apple TV+ and wide theatrical release

Apple plans to spend $1 billion a year to produce movies that will be released in theaters on on its Apple TV+ streaming service, Bloonberg News reports Thursday citing “people familiar with the company’s plans.”

Thomas Buckley and Lucas Shaw for Bloomberg News:

Apple has approached movie studios about partnering to release a few titles in theaters this year and a slate of more films in the future, said the people, who asked not to be identified because the plans are private. The list of potential releases includes Martin Scorsese’s Killers of the Flower Moon, which stars Leonardo DiCaprio; the spy thriller Argylle, from director Matthew Vaughn; and Napoleon, Ridley Scott’s drama about the French conqueror. A spokesperson for Apple declined to comment.
The investment is a significant increase from years past. Most of Apple’s previous original movies have either been exclusive to the streaming service or released in a limited number of theaters. The company has pledged to put movies in thousands of theaters for at least a month, said the people, though it hasn’t finalized any plans.
While Apple has agreed to theatrical releases in order to please talent and outmaneuver competitors for projects, the company also views theaters 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…
Like most streaming services, Apple TV+ spends more of its budget on TV shows. Its first huge hit was the comedy series Ted Lasso. 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 CODA.

MacDailyNews Note: To date, Apple Original films, documentaries, and series have received 348 awards and 1,436 award nominations and counting.
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