Kathmandu: The leading American technology company Apple has publicly announced plans to spend over one billion dollars on film production. Bloomberg has reported this as an ambitious endeavor by Apple to enhance its reputation in Hollywood and attract viewers to its streaming services.
Apple has been in contact with studios regarding the release of films scheduled for this year and securing additional film slots in the future. The anticipated release list includes Martin Scorsese’s “Killers of the Flower Moon,” starring Leonardo DiCaprio, which is mentioned by Variety magazine to premiere on October 6. There have also been efforts for partnerships in the production of the spy thriller “Argylle” directed by Matthew Vaughn and the film “Napoleon” directed by Ridley Scott, which revolves around Napoleon Bonaparte. It is noted that investments have increased compared to the previous year. Apple has either produced original films or had limited theatrical releases or streaming service exclusives. The company plans to showcase thousands of films in theaters for at least a month.
Apple has not yet disclosed its distribution strategy for these films in theaters. The company does not have an internal channel to release a film simultaneously worldwide, so it is in contact with third-party distributors. However, Apple needs to negotiate distribution fees and marketing budgets with these partners. Studios can spend $100 million or more on the production of large-scale films. Paramount Pictures will release the aforementioned film in theaters because the production of this film began before the collaboration with Apple. Paramount will charge a 10% distribution fee to Apple. The studio has not reached an agreement with Apple for the release of other films.
Most streaming services, including Apple Plus, allocate a significant portion of their budget to TV programs. Their first major hit comedy series was “Ted Lasso.” However, Apple has been providing financial support to films since the establishment of its studio. The film “CODA” won the Best Film award at the 2021 Oscars, highlighting the company’s aspiration for cinematic achievements.
In the past, these films did not generate much discussion. “CODA” earned more than two million dollars at the box office. The crime drama “Cherry,” starring Tom Holland, did not make significant profits upon its release in 2021. Technology giants such as Apple and Amazon are increasing their investments in the entertainment industry while making cutbacks elsewhere. Amazon has laid off thousands of employees, while Apple has so far avoided layoffs and cost-cutting measures.