Apple, In A Cinema Near You Soon: Streaming Rivalry Heats Up As Apple To Splurge On Original Theatrical Releases

Anusuya Lahiri
·2 min read

  • Apple Inc (NASDAQ: AAPL) eyes splurging $1 billion annually to produce movies likely for theatrical release to draw subscribers to its streaming service.

  • 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, Bloomberg reports.

  • 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.

  • Also Read: Netflixverse? Netflix Shows Interest In Building Franchise, Spends Extravagantly On Avenger Famed Directors For Latest Sci-Fi Project

  • The company has pledged to put movies in thousands of theaters for at least a month, in stark contrast to the exclusivity of its previous original film.

  • Apple TV+ will likely have 20 million - 40 million subscribers, fewer than rivals such as Netflix Inc (NASDAQ: NFLX) and Walt Disney Co (NYSE: DIS) Disney+.

  • Apple approached third-party distributors to manage the theatrical release, which entails substantial distribution fees and marketing budgets.

  • Paramount Global (NASDAQ: PARA) Paramount Pictures will release the Scorsese movie in theaters because the project originated at that studio and will collect a 10% distribution fee.

  • Tech giants Apple and Amazon.com Inc (NASDAQ: AMZN) are boosting their investment in entertainment while cutting costs elsewhere.

  • Apple's plans will boost theater chains struggling to recover from the pandemic. The chains have repeatedly blamed studios' shortage of available films for their woes.

  • Contrastingly, the highest content spender Netflix wants its movies to appear in theaters and online simultaneously or within a couple of weeks.

  • Price Action: AAPL shares traded higher by 0.98% at $159.37 premarket on the last check Thursday.

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This article Apple, In A Cinema Near You Soon: Streaming Rivalry Heats Up As Apple To Splurge On Original Theatrical Releases originally appeared on Benzinga.com

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