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https://i-invdn-com.investing.com/news/apple_M_1440049056.jpgApple (NASDAQ:AAPL) is planning to spend $1 billion per year to produce movies for release in theaters, Bloomberg reported Thursday.
The publication said sources told them the plan is part of the tech giant’s efforts to raise its profile in Hollywood and attract subscribers to its streaming service.
The company is said to have spoken to movie studios about partnering to release some films in theaters this year as well as more in the future, with potential releases including Martin Scorsese’s Killers of the Flower Moon, spy thriller Argylle, and Napoleon, a drama about the French conqueror.
The reported step marks a significant change, with most of Apple’s original movies having previously been exclusive to its streaming service or released in a limited number of theaters.
Bloomberg said Apple has committed to putting movies in thousands of theaters for at least a month, although the plans aren’t finalized.
Apple is aiming to build awareness for its TV+ streaming service, which is estimated to have anywhere from 20 million and 40 million subscribers, below that of its major streaming rivals such as Netflix (NASDAQ:NFLX) and Disney (NYSE:DIS).
However, it first needs to figure out how it will distribute the movies in theaters as it currently lacks expertise in the area, according to Bloomberg.
