Apple CEO Tom Cook
Kathmandu. Apple, the leading American technology company, has announced plans to spend one billion dollars a year on film production. According to Bloomberg, it is being considered as an ambitious attempt to raise prestige in Hollywood and attract viewers to the streaming service.
Apple is reaching out to studios about partnerships, such as those slated for theatrical release this year and additional films slotting in the future. Martin Scorsese’s ‘Killers of the Flower Moon’ starring Leonardo DiCaprio is on the list of possible releases. Variety magazine reported that the film would release on October 6.
The espionage thriller ‘Argyle’ directed by Matthew Vaughn, ‘Napoleon’ directed by Ridley Scott is said to be an attempt to share the story of French ruler Napoleon Bonaparte. There has been a significant increase in investment compared to previous years. Most of Apple’s previous original movies have either been exclusive to streaming services or had limited theatrical releases. The company said it will screen the film in thousands of theaters for at least a month.
Apple has yet to decide how to distribute these movies to theaters. The company has no internal channels to release the film simultaneously in thousands of theaters around the world, so it is looking to third-party distributors. But first, Apple needs to agree terms with potential partners on distribution fees and marketing budgets. Studios can spend $100 million or more to promote a major film.
Paramount Pictures would release the Scorsese film theatrically as production on the film began at the studio. Paramount would charge Apple a 10 percent fee for distribution. The studio has not agreed to release another film for Apple.
Like most streaming services, Apple Plus spends a large portion of its budget on TV shows. Its first major hit was the comedy series Ted Long. However, Apple has been supporting the film since its studio’s inception. The smartphone maker’s ambitions in film got a boost after it won the 2021 Oscar for Best Picture for ‘Coda’.
Its previous films did not get that much buzz. Koda grossed over two million dollars at the box office. Tom Holland starrer crime drama ‘Cherry’ released in 2021 did not earn much. Tech giants Apple and Amazon are increasing their investment in entertainment while cutting costs elsewhere. Amazon has laid off thousands of workers, while Apple has yet to cut costs without letting employees go.