Apple is set to pour a billion US dollars per year into its in-house streaming service, Apple TV+. Bloomberg reports that most of this budget will be used to produce films. The company aims to draw viewers to TV+ by releasing most of its movies in cinemas. This move will help Apple build its profile in Hollywood. The company is planning to bring out a series of new films, such as Napoleon by Ridley Scott and Killers of the Flower Moon by Martin Scorsese, both of which will also run in cinemas. In contrast to its current practice of exclusive streaming service releases, Apple has committed to signing agreements with studios to release its films in thousands of theatres for at least a month.
Apple’s planned investment of hundreds of millions of dollars in films such as those made by Scorsese reflects the company’s desire to create a cultural event. Currently, Apple TV+ has far fewer subscribers than competitors Netflix or Disney+, with between 20 and 40 million subscribers. To further grow its audience, Apple is examining sports content. Bloomberg notes that bids are being considered for British football league Premier League streaming rights. The cost, however, is high, with the last rights sale for three years amounting to almost $7bn. In the US, Apple already broadcasts Major League Soccer but charges extra for it.
