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Apple and Amazon Plan to Spend Billions on Movies for the Big Screen. Will the Pricey Gamble Pay Off?
Rebecca Rubin Film and Media Reporter It may have been implausible a few years, heck, even a few months ago, that tech giants like Apple and Amazon would spend billions on theatrical movies. And yet, Apple is reportedly planning to invest $1 billion per year to make films that’ll play exclusively in cinemas. The news, which was first announced by Bloomberg, comes months after Amazon’s similar commitment to putting 12 to 15 new movies in theaters annually. Could it be that newer Hollywood players actually care about the big screen? “Having multiple large streaming platforms decide they need theaters shows there is value to theatrical, which was the biggest concern,” says Eric Wold, a media and entertainment industry analyst with B. Riley Securities.
