Apple's big box office bet
Apple's "Killers of the Flower Moon" (AAPL) represents a pivotal strategy shift for the tech giant as it more heavily leans on theatrical exclusive titles to drive subscribers to its flagship streaming service Apple TV+.
The company, which has pledged to spend $1 billion producing movies for theaters, has taken advantage of the box office's post-pandemic bounce back amid a turbulent time in the industry with the actors' union, SAG-AFTRA, still on strike.
"This certainly signals a transition period for [Apple] in terms of how they're going to approach content, especially with big prestigious productions and A-plus list talent like Leonardo DiCaprio and Marin Scorsese," Shawn Robbins, chief analyst at Box Office Pro, told Yahoo Finance.
The film, which was distributed by Paramount (PARA), notched $44 million in its global debut this past weekend — a lukewarm opening considering its estimated $200 million-plus price target but still a notable feat due to its long run time, coupled with the strike.
"Apple sees the potential for a film like this, and for other films, to perform well with an exclusive theatrical window," Robbins said. "Studios have certainly remembered how valuable that theatrical window is — and that includes new players like Apple."
Apple's $1 billion theatrical bet, which will also include upcoming titles like Matthew Vaughn's "Argylle," and Ridley Scott’s "Napoleon," matches rival Amazon (AMZN), who formulated similar plans to invest in box office releases last year.
Amazon closed its $8.5 billion deal to acquire MGM in March 2022 and saw big success with the release of "Creed III" earlier this spring.
"Both companies recognize this is a big part of where their bottom lines can lean on in terms of theatrical representation, and eventually, that's going to help their streaming libraries down the road. So it's a win-win to be able to embrace both sides," Robbins said.
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October 23, 2023 at 09:10PM
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