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Apple to Invest $1 Billion A Year on Theatrical Film Releases: Report

Apple to Invest $1 Billion A Year on Theatrical Film Releases: Report

The move is a part of Apple's attempts to boost its profile in Hollywood.

Written by Sucharita Ganguly, Edited by Richa Sharma | Updated: 24 March 2023 18:45 IST

Apple to Invest $1 Billion A Year on Theatrical Film Releases: Report

Photo Credit: Apple

CODA (pictured), a film produced by Apple, won the 2022 Oscars for Best Picture

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Highlights

Apple usually releases films straight to its streaming site
It alternativaly grants limited runs in a select number of theatres
The firm is trying to collaborate with established film companies

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 theatres 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 theatres in order to qualify the release for Academy Awards nominations. CODA, a film produced by Apple, won the best picture award at Oscars 2022.

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According to the report, Apple is trying to look 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 finalise agreements such as commercialising 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.

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The company's dedication to long durations theatrical releases is a way for it to pacify Hollywood stars who want to see their works on the big screen while also making people aware for 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.

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CODA

Release Date 13 August 2021
Language American Sign Language, English
Genre Comedy, Drama
Cast
Emilia Jones, Troy Kotsur, Daniel Durant, Marlee Matlin, Eugenio Derbez, Ferdia Walsh-Peelo, Amy Forsyth, Kevin Chapman
Director
Sian Heder
Producer
Fabrice Gianfermi, Philippe Rousselet, Jerôme Seydoux, Patrick Wachsberger

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Further reading: Apple, Apple TV Plus, Coda, Hollywood, Oscars, Cannes Film Festival

Sucharita Ganguly

Email Sucharita Ganguly

Sucharita is a writer with Gadgets 360 and is mostly found playing with her cat in her free time. She has previously worked at breaking news desks across organizations. Powered by coffee, The Beatles, Bowie, and her newfound love for BTS, she aims to work towards contributing to a better media environment for women and queer folk. More

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Apple to Invest $1 Billion A Year on Theatrical Film Releases: Report

CODA

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