Amazon Studios has announced plans to spend $1 billion annually to produce at least 12 to 15 films for theatrical release.
Amazon Studios is committing to spend $1 billion a year to produce films that will receive a theatrical release. The retail giant and its streaming service Prime Video have produced several films like Manchester by the Sea, The Big Sick, and Sound of Metal that received both critical acclaim and Academy Awards.
SCREENRANT VIDEO OF THE DAY Now Amazon is looking to double down on its efforts to be a serious contender at the box office, committing $1 billion a year to produce films for theaters. Bloomberg reported that this commitment is close to Universal and Warner Bros.'s yearly budget, indicating Amazon's interest in competing directly with the major studios.
MGM was one of the original Big Five studios during the early days of Hollywood responsible for producing some of the most iconic films of all time. From Gone With the Wind to Rocky to Legally Blonde, the studio has been a major player in the industry for nearly a century and its cultural significance is a factor in Amazon Studios acquisition. Amazon's vision to revitalize MGM sets it in stark contrast to the other streaming services, all of which have been major industry disrupters.
The film distribution industry has still struggled to recover from the massive losses theaters experienced in 2020 during the COVID-19 pandemic as more people choose to stream movies at home. A push from one of the leading streaming content producers might be the jump start the industry needs. When the news of Amazon's plan for 15 theatrical releases a year hit Wall Street, shares for AMC Entertainment Holdings Inc. rose 9.2 percent and Cinemark Holdings Inc.
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