Apple Reportedly Plans $1 Billion Investment in Theatrical Movie Releases

Apple TV+

Apple is planning to invest $1 billion annually in producing movies for theatrical release, according to unnamed sources familiar with the company’s plans, reports Bloomberg. This bold move aims to raise the iPhone maker’s profile in Hollywood and attract more subscribers to its Apple TV+ streaming service.

The tech giant has reportedly approached movie studios about partnering for a few theatrical releases this year and a more extensive lineup in the future. These potential releases include Martin Scorsese’s “Killers of the Flower Moon” starring Leonardo DiCaprio, the spy thriller “Argylle” directed by Matthew Vaughn, and Ridley Scott’s drama about Napoleon. Of course, Apple did not comment on the matter to Bloomberg.

This significant investment reflects a departure from Apple’s previous strategies, as most of the company’s original movies have been exclusive to Apple TV+ or released in a limited number of theatres.

According to unnamed sources, Apple has pledged to release movies in thousands of theatres for at least a month. The company believes that theatrical releases will not only please talent but also help push its streaming service, Apple TV+, which is estimated to have between 20 million and 40 million subscribers.

However, Apple still needs to figure out how it will distribute movies in theatres, as it lacks the internal expertise to release films in thousands of cinemas worldwide. The company has approached third-party distributors but must agree on distribution fees and marketing budgets with potential partners.

Previously, Apple released the film CODA in theatres and Apple TV+ in 2021, with the movie winning an Oscar for Best Picture. But that movie was a smaller budget flic that cost Apple $25 million after it debuted at the Sundance Film Festival.

Apple’s ambitious plans could provide a much-needed boost to theatre chains still reeling from the COVID-19 pandemic. With ticket sales remaining a third below 2019 levels and major chains struggling financially.

While movie theatres are pretty gross in general, nothing beats watching films like Top Gun: Maverick on the big screen while eating a $25 bag of popcorn doused with butter-like flavouring.