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After lackluster rollout, Apple cools on theatrical releases and focuses on streaming
The "Napoleon" premiere at Odeon Luxe Leicester Square in London, England.
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Dave Benett
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Getty Images
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Topline:
After spending hundreds of millions of dollars on theatrical flops, Apple has reportedly decided to send most of the movies it produces straight to its Apple TV+ streaming service, slashing budgets for individual movies in the process.
Why it matters: Apple has been one of the more prolific — and profligate — new entrants in Hollywood. The world’s most valuable company has, until now, been willing to back star-studded projects with high budgets, even if the math was unlikely ever to support the expenditures. Its retrenchment will have implications for stars and producers.
A series of flops: High-profile, high-budget movies such as Napoleon, Killers of the Flower Moon and Fly Me to the Moon led to a wave of negative publicity for the image-conscious company. If part of Apple’s strategy is to burnish its reputation, then the bad press negates those goals.
The new plan: Apple’s most recent release — The Instigators, starring Matt Damon and directed by Doug Liman — received a limited run in select theaters and then moved to Apple TV+. Wolfs, which stars George Clooney and Brad Pitt, was supposed to hit theaters in September, and will have a similar rollout. The company reportedly will limit itself to two major theatrical releases with budgets in excess of $80 million annually.
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