Apple plans to spend $1 billion a year to produce movies that will be released in cinemas according to a report by Bloomberg.
The investment is part of an effort by Apple to lure subscribers to its Apple TV+ streaming service.
Apple has reportedly approached movie studios about partnering to release a few titles in theatres this year and a slate of more films in the future.
The list of potential releases includes Martin Scorsese’s Killers of the Flower Moon, which stars Leonardo DiCaprio; the spy thriller Argylle, from director Matthew Vaughn; and Napoleon, Ridley Scott’s biopic of the French ruler.
Killers Of The Flower Moon was last week confirmed to world premiere at the 2023 Cannes Film Festival in May.
Most of Apple’s previous original movies have either been exclusive to the streaming service or released in a limited number of theatres.
Bloomberg said that Apple views cinemas as a way to build awareness for its own movies on its TV+ streaming service.
Apple’s plans will likely provide a boost to cinemas chains still struggling to recover from the pandemic. Ticket sales remain about a third below 2019 levels. One of the world’s biggest chains, Cineworld, filed for bankruptcy last year.