Apple Rolls Back Its Big Plans to Release Movies in Theaters

An anonymous reader shares a report: Apple is rethinking its movie strategy after the disappointing box office performance of several big-budget films, including Martin Scorsese's Killers of the Flower Moon, Napoleon, Argylle and Fly Me to the Moon. Apple canceled plans to release Wolfs -- an action comedy starring George Clooney and Brad Pitt -- in thousands of theaters globally. Instead, the picture made its debut in a limited number of venues before it became available on the Apple TV+ streaming service on Sept. 27. Apple plans to use a similar approach with the next few titles on its calendar, including the World War II drama Blitz. Apple, which previously had intended to spend about $1 billion annually on blockbusters for cinemas, won't return to the big screen with a wide, global theatrical release until June with F1 -- a film starring Pitt as a former Formula One driver who returns to racing to mentor a rising star.

Apple is pulling back from theaters at the same time Netflix Inc. and Amazon are reworking their movie strategies. Earlier this year, Netflix hired producer Dan Lin to oversee its film studio, which had spent billions of dollars a year to produce more films than any other company in Hollywood. Yet Netflix struggled to control the quality and cost of its slate, which in some years approached 50 movies. For every hit, such as Bird Box, there were several misses. Lin's predecessor Scott Stuber also clashed with management over its strategy for movie theaters. Stuber wanted to release movies such as Scorsese's The Irishman and the Knives Out sequel Glass Onion widely in cinemas, but he couldn't persuade Netflix co-Chief Executive Officer Ted Sarandos. Lin aims to make fewer movies and develop more projects in-house to keep costs down. He has considered scrapping several of the more expensive projects in development at Netflix.

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