Apple is planning to invest $1 billion annually in producing movies for theatrical release, marking a significant step in its efforts to elevate its Hollywood profile and attract subscribers to its streaming service, Apple TV+. According to anonymous insiders, the tech giant has already approached movie studios to discuss potential partnerships for releasing select titles in theaters this year, as well as additional films in the future.
Apple to Spend $1 Billion a Year on Films to Break Into Cinemas
Among the potential releases are a Martin Scorsese film starring Leonardo DiCaprio, a spy thriller directed by Matthew Vaughn, and a Ridley Scott drama about the French conqueror. Apple aims to showcase these movies in thousands of theaters for at least a month, although final plans have yet to be solidified. The company is also still determining how to distribute the films in theaters, as it currently lacks the internal expertise to simultaneously release movies in cinemas worldwide.
Apple’s expansion into theaters is a strategic move to raise awareness for its TV+ streaming service. With an estimated 20 to 40 million subscribers, Apple TV+ lags behind competitors like Netflix and Disney+. By turning high-profile projects, such as a Scorsese movie, into cultural events, Apple hopes to grow its subscriber base and outpace rivals.
This billion-dollar investment represents a significant increase from Apple’s previous forays into the movie industry. Most of its earlier original movies were either exclusive to its streaming service or received limited theatrical releases. For instance, the Academy Award-winning film was acquired at the Sundance Film Festival for a record $25 million and distributed simultaneously in theaters and on TV+.
Apple’s plans could provide a much-needed boost to theater chains still struggling to recover from the pandemic. Ticket sales remain about a third below 2019 levels, and major cinema operators like AMC Entertainment and Cineworld Group are facing financial difficulties. These chains have attributed their struggles to a lack of available films from studios, rather than moviegoers’ reluctance to return to theaters.
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