Report: Apple to Spend $1 Billion in Movie Production for Theaters
- Laurent Giret
- Mar 23, 2023
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Apple is reportedly planning to invest $1 billion a year to produce movies to be released in theaters, according to Bloomberg. This is said to be a “significant increase” from previous years as Apple is trying to be taken seriously as a content producer and raise awareness around its Apple TV+ subscription.
“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,” the report reads.
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As of today, Apple TV+ is far behind other streaming services with a number of subscribers estimated between 20 million and 40 million. However, Apple TV+ is also one of the cheapest services on the market with a $6.99/month pricing, even though it has a premium positioning.
In recent years, some of Apple’s original movies and TV shows have won some prestigious awards: Last year, Apple’s CODA won the Oscar for Best Picture, and this year the company won the Oscar for the Best Animated Short Film for The Boy, the Mole, the Fox and the Horse.
Apple already enjoys immense brand recognition thanks to its iPhone and other hardware products, but the company’s Apple Studios arm contributes increasingly to the company’s “soft power.” It’s something that Apple’s competitors also look to increase, and a company like Amazon is also said to be planning to invest over $1 billion a year to produce and release movies in theaters.
According to a separate report from Bloomberg, Apple could also be interested in bidding for English football streaming rights. The company recently concluded a 10-year deal with the Major League Soccer to offer access to all Major League Soccer matches on its Apple TV app.