Amazon will invest $1 billion a year for feature film releases

Amazon is looking to take a bigger leap into the theater market, investing $1 billion a year in their films for theaters, according to a Bloomberg report. This will be an Internet company’s most significant commitment to theater.

According to the report, Amazon plans to produce between 12 and 15 films per year with a theatrical release, with 2023 seeing a small number of films with a gradual increase over time. Bloomberg mentions that the annual release schedule will put Amazon in touch with major studios such as Paramount Pictures. That’s good news for movie chains, with AMC stock rising 9.2% and Cinemark gaining another 12%. However, theater ticket sales are believed to have fallen more than 33% since 2019, the last year of sales before the pandemic, as cinemas struggled to regain the momentum they had before the drop in sales.

Amazon Studios had been successful in acquiring movies in the past, with Manchester by the sea winning two Oscars and grossing $78 million at the box office against a budget of $9 million. Fortunately, theaters are beginning to find an audience, with Top Gun: Maverick paving the way for a return to cinema. The studios are looking to find their own success with a similar film, like maverick held the box office for months after its release, grossing an incredible $1.4 billion.

Amazon found success in TV

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Amazon Studios

Although Amazon Studios has yet to ramp up its theatrical movie releases, the Prime Video streaming service has found plenty of success on TV. Original series such as The boys, Reach, Jack Ryan, wheel of timeand Invincible quickly found an audience full of adoring fans. Additionally, Prime Video took a big turn earlier this year, with The Lord of the Rings: The Rings of Power being the most expensive television series ever produced.

However, Amazon has the rights to many beloved properties after acquiring MGM for $8.5 billion. Rocky, james bond, Robotcop, stargate, and many more are part of the deal, meaning the studio can focus on established properties to find return on investment. Plus, we’ve seen other streaming giants strike deals with cinema, like the upcoming Knives out after, Glass Onion, began hitting theaters on November 23 for a special week-long preview. However, the film will be leaving theaters after its short run, heading to Netflix on December 23 for a worldwide release. One would expect Amazon to keep its movies in theaters and on various channels. Fans can see how the deal plays out as more studio-produced films hit theaters around the world.

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