Amazon plans to spend $1 Billion in theatrical industry, causing stocks to surge.
Last week, Amazon announced that it plans to spend $1 billion yearly on theatrical film releases, causing cinema stocks to rise.
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According to Bloomberg, which cited unnamed sources, Amazon plans to release 12-15 movies in theaters. A source close to the company told The Hollywood Reporter that they are only beginning to plan this effort, and the number of titles has yet to be set in stone.
After Amazon bought MGM Studios for $8.45 billion, the e-commerce market leader cemented its place in Hollywood. As part of the deal, Amazon acquires mega face franchises like James Bond and 4,000 other film titles from the newly acquired studio. While they lost some clarity in translation here, we see that it’s always been Amazon’s plan to have MGM continue production post-acquisition.
Wednesday afternoon saw a significant jump in stock prices for various movie theater chains upon the announcement of Amazon’s theatrical movie showcase plans. The world’s largest chain, Cinemark, rose $1.47 (12 percent) to $13.74 while also seeing competitors AMC Theatres and Imax respond with their stock price increases of 40 cents (just over 5 percent) to $7.72 and $1.04(7 percent), respectively. Cineplex followed close behind with their 45 cents (4-and-a-half percent) increase that amounted to 10 dollars and 38 cents per share.
On Nov. 10, CEO of Cineplex Ellis Jacob told The Hollywood Reporter that the theater chain was discussing possible movie partnerships with online companies such as Amazon and Apple.
This would be a significant return for Amazon Studios, who attempted to enter the movie industry nearly ten years ago under VP Roy Price and Creative Development Head Ted Hope.
Exhibitors initially pushed back when Netflix and other online video platforms wanted to release their titles in theaters briefly before making them available to stream. But now, major cinema chains are negotiating with these companies as they accept theatrical windows.
Both Apple TV+ and Amazon Prime Video have utilized movie theaters to publicize their upcoming streaming film releases, a lead that many exhibitors would like Netflix to follow.
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