Apple plans to spend a billion dollars annually on movies according to reports. The increase which is now being reported would allow the tech company to partner with other studios for distribution in theaters as well as raise the profit of Apple TV Plus.
Apple Plans To Spend A Billion Dollars Annually On Movies According To Reports
Apple is planning to spend a billion dollars a year on its movie business, thus expanding the number and duration of theatrical releases, Bloomberg reported on Thursday. The reported increased budget is an attempt of the company to raise Apple’s Hollywood reputation and attract new subscribers to its streaming platform and service, Apple TV Plus, as per Bloomberg’s sources.
Movie Theaters Continue To Recover From Closures during the COVID-19 Pandemic
The report is coming at a time when movie theaters recover from closures during the COVID-19 pandemic and after 2022 saw many summer blockbusters draw huge crowds.
Apple TV Plus Has Fewer Subscribers than Other Streaming Giants
Apple has not had many major theatrical releases, although its movies have gained critical acclaim recently. Its movies acquired CODA, which is an eventual Oscar winner for best picture last year. Meanwhile, Apple TV Plus has fewer subscribers than other streaming giants such as Netflix, despite the mega-hit comedy Ted Lasso and other many acclaimed shows, like Severance.
Apple TV Plus Pricing
On request for comment, Apple did not respond immediately.
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