In an ambitious move to increase its reputation in Hollywood and attract subscribers to its streaming service, Apple wants to spend $1 billion annually to develop movies that will be distributed in cinemas.
More Exposure for Apple TV+
Apple TV+ made history by becoming the first streaming service to win an Oscar for Best Picture with Sundance's acquisition of CODA. But like what 9to5Mac stated, the service's entire film portfolio has been less than impressive.
According to Bloomberg, Apple is planning to alter that by dramatically expanding its original films company with an emphasis on blockbuster pictures that will have extensive theatrical releases before making their way to the streaming service.
For the most part, Apple Original Films have only had limited theatrical premieres, usually just enough to be nominated for awards. But Apple plans to release movies with significant box office effects before they appear on Apple TV+.
Apple is in negotiations to have movies play in hundreds of theaters for at least a month before they become available on the streaming service. A big theatrical release will generate interest in a film, which will, in turn, boost awareness of Apple TV+.
To attract A-list actors, Apple has offered theatrical releases for some of its original movies, such as the unnamed project starring George Clooney and Brad Pitt. Reports indicate that celebrities choose Apple over other distributors like Netflix due to the former's promise of wider theatrical release.
No doubt that this idea seems quite familiar. Amazon, a major competitor, recently declared that it will invest $1 billion annually in traditional movie theaters.
Bloomberg reported that Apple is aiming to form partnerships with major film studios rather than manage its own foreign theatrical distribution in-house due to a lack of relevant experience inside the industry. No final decisions have been made about the partner studio's distribution commission or the amount of the marketing expenditure.
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Further Film Projects
The next Martin Scorsese-directed Killers of the Flower Moon, starring Leonardo DiCaprio, will be released in theaters in a major way thanks to Paramount, which will stream the film exclusively on Apple TV+.
However, the Paramount arrangement is distinct from the company's current intentions for its Apple Original Films division since it stems from discussions that began some years ago when Apple purchased the production rights for Killers of the Flower Moon from the studio.
Apple reportedly spent over $200 million on the much-anticipated project, which will have its world premiere at the Cannes Film Festival in May. This will be followed by a broad theatrical distribution for a few months and finally make its way to the Apple TV+ streaming service.
Bloomberg, meanwhile, revealed that Apple is planning on releasing additional films with extensive theater distribution in addition to Killers of the Flower Moon this year. The espionage thriller Argylle and Ridley Scott's Napoleon are two more films that might fit the bill.
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