Apple Reportedly Plans to Spend a Billion Dollars Per Year on Movies
Apple plans to spend a billion dollars a year on its movie business, expanding the number and duration of theatrical releases, Bloomberg reported Thursday. The increased budget is an attempt to raise Apple’s Hollywood reputation and attract new subscribers to its streaming service, Apple TV Plus, according to Bloomberg’s sources.
The report comes as movie theaters recover from closures during the COVID-19 pandemic and after 2022 saw several summer blockbusters draw huge crowds.
Apple hasn’t had many major theatrical releases, though its movies have gained critical acclaim. It acquired CODA, eventual Oscar-winner for best picture last year. Meanwhile, Apple TV Plus has fewer subscribers than streaming giants like Netflix, despite the mega-hit comedy Ted Lasso and other acclaimed shows, like Severance.
Apple TV Plus costs $7 a month, making it the lowest priced ad-free premium streaming service.
Apple didn’t immediately respond to a request for comment.