Apple aims to finance six small-budget movies a year in order to compete with Netflix, sources have told the New York Post.
The tech giant wants to spend between $5-30 million per film. Apple is reportedly being driven by Netflix’s recent number of Oscar nominations and win for its film “Roma.”
Hollywood sources told the New York Post that Apple has been talking to prominent directors and other film talent about working on projects that have “Oscar-winning potential.”
This project is reportedly unrelated to it is multi-year agreement with A24, which is the studio that produced the Oscar-winning movie “Moonlight.”
The push for this project reportedly comes as Apple struggles to find the content it requires to sell Apple TV+, its upcoming video-streaming service.
The New York Post outlined that unlike Disney, which is also launching a streaming service, Apple does not have a library of content that viewers would be able to go through once they finish watching the company’s original content. Sources said that the company is currently debating whether it should acquire a library.
Apple TV+ is expected to launch later this year.
Source: New York Post