April 13, 2024
Apple to Spend $1 Billion Per Year on Movies for Theatrical Release [Report]

Apple to Spend $1 Billion Per Year on Movies for Theatrical Release [Report]

Posted March 23, 2023 at 5:18pm by iClarified
Apple is planning to spend $1 billion per year to produce films that will be released in theaters, reports Bloomberg. The move is seen as an effort to raise its profile and drive Apple TV+ subscriptions.

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.

This investment would be a significant increase from previous years. Apple has typically released movies that are exclusive to its streaming service or done a limited theatrical release. Allegedly, the company has now pledged to put movies in thousands of theaters for at least a month; however, those plans have yet to be finalized.

According to Bloomberg, Apple does not have the internal expertise to release movies in thousands of cinemas worldwide at once. Thus, the company has approached third-party distributors, but has yet to come to terms on distribution fees and marketing budgets with potential partners. The cost to market big titles can be $100 million or higher. That's far more than is spent on marketing a movie for streaming.

Apple's plans could be welcomed boost for theater chains which are still struggling to recover from the pandemic. Ticket sales are currently down a third below 2019 levels and multiple chains are facing financial hardship. Notably, the chains say the lack of available films is responsible for poor ticket sales.

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Apple to Spend $1 Billion Per Year on Movies for Theatrical Release [Report]
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