Shares of movie theaters moved higher on a report that Apple is planning to invest as much as $1 billion annually to make films to be shown to shown on the big screen
Bloomberg reported the amount the Thursday, attributing the information to unnamed sources "familiar with the company’s plans," which are reportedly still being hammered out.
Movies that Apple will release in theaters could potentially see a minimum of one-month runs in cinemas, according to Bloomberg. Additionally, the company behind iPhones and Apple TV+ has reportedly been reaching out to Hollywood studios in connection to the plans.
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FOX Business reached out to Apple for comment but did not receive a response by the time of publication.
Among the upcoming films that could get theatrical releases are "Napoleon," "Argylle" and "Killers of the Flower Moon," according to the report. For certain films in the past, the company has done brief, small runs in theaters.
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With the yearly investment, Apple is aiming in part to help boost Apple TV+’s subscriber count, per Bloomberg. The streaming service has been available since November 2019. In the entertainment industry, it is also reportedly trying to bolster its presence.
Several months ago, Bloomberg reported Amazon, another streaming service provider, had its own intentions of rolling out more of its movies to theaters.
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The business segment under which Apple TV+ and Apple’s other services fall brought the company $20.77 billion in net sales in the first quarter of 2023. In that three-month period, Apple reported generating a total of $117.15 billion in net sales across all of its segments.
Cinema companies Cinemark, AMC and IMAX saw their shares had climbed varying amounts by Thursday’s closing bell.
