Apple to spend $1 billion making movies for theaters, matching Amazon
Apple $Apple(AAPL.US$ is leaning into the theatrical experience as it looks to establish itself as a serious player in Hollywood.
According to a new report from Bloomberg, the tech behemoth plans to spend $1 billion a year to produce movies that will be released in theaters, and has already approached movie studios about partnering on certain titles for releases this year and in the future.
Although plans are still being finalized, the company wants to air movies in thousands of theaters for at least one month — bucking its previous strategy of streaming exclusives and limited box office releases.
Potential films includes Martin Scorsese’s "Killers of the Flower Moon," Matthew Vaughn's "Argylle," and Ridley Scott’s "Napoleon," the report noted.
The report sent shares of theatrical giants like AMC $AMC Entertainment(AMC.US$ , IMAX $IMAX Corp(IMAX.US$ and Cinemark $Cinemark(CNK.US$ higher in early trading on Thursday, gaining as much as 5%, 5%, and 8.5%, respectively.
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