Apple’s Screen Dream
With the debut of Martin Scorsese’s Killers of the Flower Moon, Apple TV (AAPL) is diving headfirst from the streaming industry into cinema.
This three-and-a-half-hour epic, starring the luminary likes of Leonardo DiCaprio, Robert DeNiro, and Lily Gladstone, showcases the company’s commitment to high-caliber film production and a new chapter for the iPhone maker.
Apple isn’t just dipping its toes into the world of film. It’s making a splash. The film had a massive budget of a reported $200 million. And the tech giant has earmarked another $1 billion annually for movies that will see their names in the marquee lights.
But Apple isn’t the only major streamer headed to the movies. Amazon (AMZN) has also allocated a billion-dollar budget to theatrical releases, with plans to churn out at least 12 blockbusters each year.
The Big Picture
Ultimately, Apple TV is still a streaming service, and so their big investment serves another purpose: translating theater outings to Apple TV+ subscriptions. Its approach, if successful, could also be a lifeline for cinema chains crushed by pandemic-era shutdowns, such as AMC (AMC).
As streaming services on a whole struggle with subscriber growth and mull price hikes in a bid to reach profitability, it only makes sense they’d look to a time-tested way to relieve stress: Going to the movies.
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