The tech manufacturer Apple seems ready to invest big in producing movies exclusively for cinemas with a potential planned budget of US$ 1bn a year, Bloomberg was the first to report.
With this move, Apple seems to be following in the footsteps of another streaming giant, Amazon, which announced earlier a strikingly similar plan.
If both Apple and Amazon follow up with their intentions, it will mean a boost for movie production and more cinema releases every year, a boost for the traditional theatre model.
Apple might see this as a way to get more notoriety and attract more subscribers to its Apple TV+ streaming channel and also to boost its image as a serious movie production studio.
It remains to be seen if the plans become reality as the first productions, in partnerships with other studios, are reportedly expected to be released this year.