The tech giant Apple wants to widen its "sphere of influence" by releasing movies in theaters, budgeting $1 billion annually.
According to a report from Bloomberg, Apple has huge plans to expand its movie department. The company wants to release its Apple TV+ movies in theaters globally and increase its spending on movies to $1 billion per year.
Apple attempted to enter the industry in 2021 by debuting the Apple TV+ movies CODA and Cherry in select theaters for a few weeks. However, it was a "soft start" for the tech giant, and now it plans to play big and investigate further into the industry. Apple's biggest goal is to raise the profile of its TV+ products in Hollywood and gain more subscribers. This move is also a precursor of higher-budgeted movies produced by the company.
The report states that the tech firm has already approached multiple third-party distributors to partner with. These partnerships are expected to help release Apple TV+ titles in theaters globally. This year's goal is to release Martin Scorsese's "Killers of the Flower Moon," Matthew Vaughn's "Argylle," and Ridley Scott's "Napoleon." All three are expected to be in theaters for at least a month throughout 2023.
Apple lacks expertise in the field
It is also mentioned that the reason behind Apple reaching out to third-party companies is its lack of expertise in the field. However, it has financial concerns that the partnerships might be expensive on top of the marketing budgets. The company is cautiously approaching the idea for now, but it will probably come to life later this year. In 2023, we might see the mentioned films, but it is not going to end there, as the partnership talks also included a slate of more films in the future.
Recent global economic difficulties pushed multiple companies to cut their workforce, leaving thousands unemployed. On the other hand, Apple followed a different procedure. Rather than parting ways with its employees, it froze hiring processes and lowered the number of promotions and bonuses distributed yearly. Now, the company reportedly plans to increase its movie budget to $1 billion annually. If Apple finds what it is looking for financially, it might increase the gap with its closest competitor in the market.
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