Apple to Invest $1 Billion A Year on Theatrical Film Releases: Report
Apple reportedly intends to spend $1 billion (roughly Rs. 8,200 crore) per year on film production for theatrical release, and the company has already approached film studios about collaborating upon such titles for release this year and in the coming years. According to a recent report, the company intends to screen films in thousands of theaters for at least one month, reversing its earlier policy of streaming original content and limited box office releases. However, the details are still being worked out.
According to a Bloomberg report, Martin Scorsese’s Killers of the Flower Moon, Matthew Vaughn’s Argylle, and Ridley Scott’s Napoleon could be among the potential films that the company may release theatrically.
This move is part of the Cupertino-based tech giant’s attempts to boost its profile in Hollywood and attract customers to its streaming platform, Apple TV+, as per the report. Usually, Apple has either released films straight to its streaming site or granted limited runs in a select theaters in order to qualify the release for Academy Awards nominations. CODA, a film produced by Apple, won the best picture award at the Oscars 2022.
According to the report, Apple is trying to collaborate with established film production companies to handle global theatrical distribution, instead of managing it all internally due to a lack of expertise in this field. It is still trying to finalize agreements such as commercial budget sizes and distribution commissions for the partner studio, the report said.
It also suggests that this is distinct from Apple’s currently underway plans for the Apple Original Films unit, as the Paramount contract originated from agreements a few years ago when Apple purchased the development rights to Killers of the Flower Moon from the studio.
Apple has paid around $200 million (roughly Rs. 1,600 crore) for the eagerly awaited Scorsese production, with the film expected to premiere at the Cannes Film Festival in May, accompanied by a wide theatrical release for a few months prior to actually streaming on the Apple TV+ platform.
The company’s dedication to long durations theatrical releases is a way for it to pacify Hollywood stars who want to see their work on the big screen while also making people aware of its subscription service, which is projected to have somewhere around 20 million and 40 million users. , far less than rivals Netflix and Disney+, according to a CNBC report.