Apple's Billion Dollar Bet on Theatrical Movie Releases

Apple is reportedly planning to invest up to $1 billion annually to produce films for theatrical release, potentially with one-month runs in cinemas. The move is aimed at boosting Apple TV+’s subscriber count and bolstering the company's presence in the entertainment industry. Apple has reportedly been reaching out to Hollywood studios in connection to the plans. The investment comes as Amazon also reportedly has its own intentions of rolling out more of its movies to theaters. Shares of movie theaters, including Cinemark, AMC, and IMAX, rose on the news.