Apple
For the past few years, Apple has been making big-budget movies meant to compete with the best traditional Hollywood studios have to offer, and it has been releasing them in theaters to drive 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 misfires, like Argylle and Napoleon.
It has already canceled the wide theatrical release of one of its tent pole movies, the George Clooney and Brad Pitt-led Wolfs. Most other upcoming big-budget movies from Apple will be released in just a few theaters, suggesting the plan is simple to ensure continued awards eligibility but not to put butts in seats.
Further, Apple plans to move away from super-budget films and to focus its portfolio on a dozen films a year at lower budgets. Just one major big-budget film is planned to get a wide theatrical release: F1. How that one performs could inform future changes to Apple’s strategy.
The report notes that Apple is not the only streamer changing its strategy. Netflix is reducing costs and bringing more movie production in-house, while Amazon is trying (so far unsuccessfully) to produce a higher volume of movies annually, but with a mixture of online-only and in-theater releases. It also points out that movie theater chains are feeling ever more financial pressure, as overall ticket sales haven’t matched their pre-pandemic levels despite occasional hits like Inside Out 2 and Deadpool & Wolverine.
Cinemas have been counting on streamers like Netflix and Apple to crank out films, but those hopes may be dashed if the media companies continue to pull back. For the most part, tech companies like Apple and Amazon have had better luck gaining buzz with television series than with feature films.