Movie theater stocks pop after report says Apple plans to spend $1 billion a year on releases
Bloomberg's report indicated that Martin Scorsese's crime thriller "Killers of the Flower Moon," Matthew Vaughn's spy movie "Argylle" and Ridley Scott's historical epic "Napoleon" are on the short list for these longer theatrical runs. No plans have been finalized, but these releases could remain in cinemas for at least a month. Last year, Apple TV+ became the first streaming service to win the Academy Award for best picture, with "Coda.
In the wake of the pandemic, distributors shortened the theatrical release window to 45 days from from around 90 days. Some studios have deals with cinema chains that allow for shorter runs based on ticket sales. Then there are others, likeand Skydance's "Top Gun: Maverick," which remained in theaters long after the 45-day time period.
Already, 2023 is expected to be a stronger year at the domestic box office, as production levels returned to normal in 2022, but word of Apple's additional film commitments gives the industry another confidence boost.
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