Amazon is planning to invest $1 billion in movies for theatres: Report

Streaming services have mostly neglected theatres for their original movies. These companies have released their titles on fewer screens and for less time compared to traditional movie studios. Meanwhile, the e-tailer giant Amazon has reportedly planned to spend more than $1 billion a year to produce movies that it will release in theatres. According to a report by Bloomberg, sources familiar with the company’s plans have confirmed the same. The report also mentions that this can turn out to be one of the largest commitments to cinemas made by a tech company.

Amazon’s plans to make movies for theatres
As per the report, Amazon will release a smaller number of films in theatres in 2023 and will gradually increase its output. The sources added that the online retail major is planning to make between 12 and 15 movies (that will get a theatrical release) every year which will put the company on par with major studios such as Paramount Pictures. However, Amazon is yet to sort through its strategy, the report adds.