Amazon.com Inc. plans to spend More than $1 billion A year to Produce movies It will release Theaters: to people familiar with the company’s plans, the largest commitment to cinemas by an internet company.
The world’s largest online retailer aims to Take between 12 And 15 movies annually that will get a theatrical release, said the people, who asked not to You will be identified as the company is still working through its strategy. Amazon Will release Next year, there will be fewer films in theaters and more production. over time. This number of releases makes it quite difficult to keep up with. on on A par with major studios, such as Paramount Pictures.
Streaming services have avoided theaters and retained most of their original content. moviesReleased the titles for Less time on They have fewer screens that traditional movie studios. Netflix Inc. has made cinema chains unhappy by its release of more than one movie per week. for Home viewers. The streaming giant also released a sequel to Knives Out (*15*)in theaters on Wednesday. It will remain there for Only one week remains, however, before you head. to The film will be available for streaming in the coming months. The original film grossed $312.9 million theatrically in 2019.
Amazon Openness has been greater to However, Netflix is not available in theaters as well as Netflix. to Invest as much money as possible in original movies. Netflix closes its doors to 100 movies One year Amazon puts out just a couple dozen, many in languages other than English.
“Amazon.com’s plans to invest $1 billion to produce 12-15 movies a year for release in cinemas is a vote of confidence in the theatrical model,” Geetha Rangeanathan, an analyst at Bloomberg Intelligence, wrote Wednesday in a memo. It could be. “easily boost receipts by 15%-20% given Universal and Warner have roughly similar budgets.”
This news lifted theater operators’ shares. AMC Entertainment Holdings Inc., which is the largest chain, saw shares rise as high as 9.2% to $7.99 in New York Cinemark Holdings Inc. has advanced up to 12% to $13.78.
Even though Amazon Is in a cost-cutting modeThe company is investing more in original movies Following the $8.5 billion acquisition of MGM, a 98-year-old Hollywood studio that released Ben-Hur(*15*) and Legally Blonde (*15*)Its franchises include Rocky (*15*)and James Bond, which it releases in conjunction with the family of producer Albert Broccoli. MGM’s two top film executives, Michael DeLuca and Pam Abdy, left Amazon just a month after it acquired the company, and Amazon Jennifer Salke, Studios chief, has been searching for Executive to Own the film company.
Salke’s boss, Mike Hopkins, met with candidates including Emma Watts, formerly of Fox and Paramount, and Sean Bailey, an executive at Walt Disney Co. But Salke has taken control of the search for This job will be reported to you. to Instead of Hopkins, she will be her.
Amazon First, the movie industry was attracted to the Sundance Film Festival by purchasing projects and then releasing them in thousands. for It took months to complete the cycle, which was very similar to a studio’s traditional cycle. It received Academy Award nominations for The Big Sick(*15*) and Manchester by the Sea.(*15*) While those movies Although they delighted critics, they were not big hits at the box-office.
Salke went on After being appointed to the Sundance board, she took a shopping spree of her own in 2019. Amazon’s Hollywood operations. But Amazon The company has shifted its release strategy to Prioritize streaming services.
Jeff Bezos, the founder of Amazon.com, has also been a force for his Hollywood studio. to Create and release This led to more commercial material. to The latest The Lord of the Rings(*15*) TV series, as well as projects like The Terminal List, (*15*)a show starring Chris Pratt. Netflix, Apple, and all other streaming companies have made more investments in original TV before they progress. to film.
Theaters will be delighted to receive the new product. AmazonYou will be there when it happens. The US has seen a drop in ticket sales of 33% since 2019, the year before the pandemic shut down theaters. Companies that started releasing original content are home to many of the largest movie studios. movies Online to Streaming services should be boosted.
Despite declining ticket sales, Hollywood veterans, talent representatives, and filmmakers are still pushing. for media companies to Theaters are a must-see. They believe that theaters are a huge hit, such as Top Gun: Maverick(*15*), is more lucrative than even the biggest streaming movie.
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