Amazon Plans To Spend $1 Billion A Year To Produce Theatrical Movies
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Amazon Studios It commits to spend $1 billion a year to produce movies that will be released in theaters. Retail giant and streaming service Prime Video has produced several movies such as: Manchester by the Sea, Big Sick, and The Sound of Metal received both critical acclaim and Academy Awards. While the streaming service initially had a hard time competing with Netflix when it came to producing original series, it managed to bring the movies that were released to the big screen. Manchester by the Sea It goes beyond expectations to gross over $79 million against a production budget of $9 million. The studio has since helped produce the anthology. Welcome to Blumhouse including the acquisition of a film series and a number of support projects 2 America is coming, war tomorrow and without regret.
Now Amazon is looking to double down on its efforts to become a serious contender at the box office and is committing $1 billion a year to produce movies for theaters. Bloomberg reported that this commitment is close to Universal and Warner Bros.’s annual budget, indicating Amazon’s interest in competing directly with major studios. Long-term goals for the production company are to produce 12 to 15 films per year at a pace determined by the average studio’s release schedule. But Amazon Studios will release only a fraction of that many movies next year, which will increase the number of screenings over time.
Amazon’s Theater Plan is Good News for Bond and Other MGM Dealers
In March 2022, Amazon bought the famous movie studio MGM in a massive $8.5 billion deal. This deal not only secured the streaming rights to MGM’s huge catalog of movies and television shows, but also gave Amazon the right to use any of these properties in future projects. Most importantly, it gives Amazon the right to create the next James Bond movie set, and that’s probably a major motivation behind the purchase. Daniel Craig leaving the team after 2021 no time to die It’s the perfect opportunity for Amazon Studios to make its own mark on the iconic series.
MGM was one of the original Big Five studios responsible for producing some of the most iconic movies of all time in the early days of Hollywood. From Gone with the wind with Cliff with legal blondethe studio has been a major player in the industry for nearly a century, and its cultural significance was a factor in the Amazon Studios acquisition. Amazon’s vision of reviving MGM puts it in stark contrast to other streaming services, all of which have drastically disrupted the industry. The studio’s homage to industry tradition may just be a PR move, but it’s still a smart move, especially with plans to spend $1 billion making theatrical films.
The film distribution industry is still struggling to make up for the massive losses suffered in movie theaters during the COVID-19 pandemic in 2020 as more people choose to watch movies at home. Support from one of the leading streaming creators may be the jump start the industry needs. When news of Amazon’s plans for 15 movie releases a year hit Wall Street, AMC Entertainment Holdings Inc. It rose 9.2 percent and Cinemark Holdings Inc. increased by about 12 percent, a promising sign for the marriage of the two industries. Again, Amazon Studios They have a long way to go if they plan to restore the industry to its pre-pandemic state.