Apple plans to spend up to $30 million per movie to create Oscar-worthy content for its upcoming streaming service, report claims
- Apple has set aside between $5 million and $30 million to create each project
- Firm hopes to launch six small-budget movies per year that could nab it an Oscar
- However, Apple faces steep competition from the likes of Netflix and Amazon
Apple has some big plans for its upcoming streaming service.
The iPhone maker is setting aside tens of millions of dollars to develop projects for its soon-to-be-released Apple TV+ service, with the hopes that it could take home an Oscar in the future, according to the New York Post.
Apple is reportedly looking to spend between $5 million and $30 million on each project in order to achieve its goal.
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Apple has some big plans for its streaming service. The firm is setting aside tens of millions of dollars to develop projects for Apple TV+ service, with the hopes of winning an Oscar
The firm hopes to finance six small-budget movies per year, with a ‘Focus Features-esque’ style akin to films like BlacKkKlansman, Boy Erased and Dallas Buyers Club, according to the Post.
‘They are taking meetings and hiring,’ an agency source told the Post.
Apple already has a partnership with A24, the film studio behind the Oscar-winning movie Moonlight, that it announced last November.
Since then, the tech giant said in January that it would release its first film with A24, called On The Rocks, which will star Rashida Jones and Bill Murray.
That said, Apple will face stiff competition from the likes of Netflix and Amazon in its pursuit to claim an Oscar.
Netflix’s Roma nabbed the award for Best Foreign Film at the Academy Awards this year and it has been nominated for other accolades at the show for the past few years.
Apple TV+, the firm’s new streaming platform, is set to launch later this year. The firm hopes to have a slew of high quality content on the service, as it faces competition from many rivals
Similarly, Amazon has taken home several awards from the Oscars for Manchester by the Sea, The Salesman and others.
Aside from this, Apple TV+ also has a number of rivals as it relates to the content that will be available on the service.
Apple TV+ is expected to feature live TV content, as well as original shows.
Many have speculated that Apple could consider scooping up a studio of its own, including Sony Pictures Entertainment, A24, Lionsgate and MGM, so that it has a bigger library of content to populate Apple TV+, according to the New York Observer.
In the meantime, several details about the service remain unclear, including pricing, a launch date, or whether or not it will feature third-party films and TV shows like those that are available on Netflix, Hulu and Amazon Prime Video.
