Apple's $1 Billion Theatrical Movie Push Sends Cinema Stocks Soaring
Cinema stocks rose after reports that Apple plans to spend $1 billion annually on producing movies for theatrical release. Apple has hired former Disney exec Ricky Strauss to join Apple TV+ and has indicated its desire to follow Amazon's lead with a $1 billion theatrical movie push. As Apple does not own a Hollywood studio, it plans to partner with major studios for distribution. The move could help Apple TV+ increase its subscriber base and attract more Hollywood names and titles to its movie slate.