Apple
In recent years, Apple has been making big-budget films meant to compete with the best that traditional Hollywood studios have to offer, releasing them theatrically to boost ticket sales and awards buzz.
Much of that is about to change, according to a report from Bloomberg. The article claims that Apple is “rethinking its movie strategy” after several box office failures Argylle And Napoleon.
It has already canceled the major theatrical release of one of its tentpole films, the George Clooney and Brad Pitt-led film. Wolfen. Most of Apple's other upcoming big-budget films will be released in just a few theaters, suggesting the plan is simply to keep you eligible for awards, but not to get butts in seats .
Furthermore, Apple plans to move away from super-budget films and focus its portfolio on a dozen films per year with lower budgets. Only one major, big-budget film is slated for wide theatrical release: F1. How that performs could influence future changes in Apple's strategy.
The report notes that Apple isn't the only streamer changing its strategy. Netflix is cutting costs and bringing more film production in-house, while Amazon is trying (unsuccessfully so far) to produce a greater volume of films annually, but with a mix of online-only and theatrically released films. It also points out that cinema chains are feeling increasing financial pressure as overall ticket sales have not reached pre-pandemic levels, despite occasional hits such as Inside out 2 And Deadpool and Wolverine.
Cinemas are counting on streamers like Netflix and Apple to release films, but those hopes could be dashed if media companies continue to pull back. For the most part, tech companies like Apple and Amazon have had more success generating fame with television series than with feature films.
