Apple reportedly invests $1 billion in creating exclusive films for cinematic release, signaling an exciting and ambitious move into the entertainment world.
Streaming titans are making major investments for the future and looking to reinvent their production model. Apple is allocating USD 1 billion to create film productions designed exclusively for the big screen. According to Bloomberg, Apple is imitating Amazon’s current venture of producing 12-15 movies annually for theater releases. This puts the tech giant in line with other major players in the film industry who have made similar commitments.<em>
Eric Wold, a media and entertainment industry analyst at B. Riley Securities, eloquently stated: “Having multiple large streaming platforms decide they need theaters shows there is value to theatrical, which was the biggest concern.” The movie industry seems to be gradually reverting to its classic theater design, showing us that theatrical releases haven’t lost any significance. As Wold points out, “There’s an advantage to streamers to put movies into theaters. You can get incremental revenue from other wells compared to going straight to streaming.”
Reaching out to new and more diverse audiences offers enormous potential yet also entails a certain amount of risk due to their more excellent discerning nature. Despite their immense clout, streaming giants like Apple and Amazon have yet to demonstrate dependability in producing engaging content. Despite a drastic pivot in their business models during the pandemic, both companies are still committed to creating content for theaters. It remains to be seen whether Apple and Amazon will maintain the standard methods for tracking ticket sales or adopt an alternate approach. While the streaming industry continues to test different models of bringing content to more giant screens, it still needs to be determined how these changes will affect the current trends in technology.
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