Brad Pitt in “F1”
14 Facebook x.com Reddit
Last updated 20 hours ago
Apple TV+ continues to move away from high-profile theatrical releases for its films, with upcoming Formula 1 racing drama seen as another test after a series of flops.
Apple became the first streaming service to win a best picture Oscar with “CODA” in 2022, but its films have otherwise failed to make big-screen splashes. Following weak box office performances for films like “Killers of the Flower Moon,” Apple has scaled back its theatrical release plans.
The decision started with “Wolves,” which instead received a shortened and limited release for a week in theaters before streaming on Apple TV+ beginning September 27. Now, according to Bloomberg, Apple plans to repeat that significantly shortened theatrical window for each of its next films — except one.
Apple will release “Formula 1,” a racing drama starring Brad Pitt, in June 2025. Notably, Apple is partnering with Warner Bros. to distribute the film, which is believed to have a budget of $300 million. Unnamed sources at Apple have reportedly said that Formula 1's box office performance will have a significant impact on future films.
Apple may continue to release stand-alone big-budget films, but the company is expected to focus more on $100 million movies. In fact, that range has dropped in the era of Marvel-style blockbusters, so this could be a potentially welcome move for moviegoers.
Making movies in that price range also means Apple could be targeting around a dozen movies a year. That would mean it’s spending $1 billion a year, which is what it was reportedly originally budgeting for.
However, there are other concerns beyond the film’s immediate box office returns. For one, how a theatrical release would advertise Apple TV+, and a hit would likely boost awareness and therefore subscriber numbers.
Then Wolves stars George Clooney and Brad Pitt have been vocal about their disappointment with the film’s abbreviated theatrical release. Both stars reportedly took pay cuts to get a theatrical release, and now that’s not happening.
So Apple TV+ is likely to have a harder time attracting talent, both cast and crew. That’s not just because the lack of a theatrical window is less appealing, but because the company appears to have renegotiated its contract mid-production.
If one movie doesn’t do well in theaters and doesn’t meet any of the metrics Apple TV+ uses to measure success, that’s one thing. But movies have a long tail, they continue to make money, and talent continues to make movies.
So the decision to forgo theatrical releases and promotion for their films will have a long-term impact.
Hollywood veterans are reportedly having a hard time understanding Apple’s strategy — or Amazon and Netflix’s. Industry insiders are said to suspect that the streaming services simply see theaters as marketing — and if that's the case, they're still not spending enough to promote their films.
Jon Watts' 'Wolves' Now Streaming on Apple TV+
Follow AppleInsider on Google News
