After Apple announced its decision last month to call off a planned wide theatrical release for WOLFS, their high-profile action movie starring George Clooney and Brad Pitt, many were left to wonder how the company would handle future releases from their original film division.
Recent reporting from Bloomberg gives more clarity on the current discussion inside Apple, with the approach for future releases depending on the box office performance of Brad Pitt’s upcoming Formula One racing movie F1.
After Apple proclaimed its commitment to invest $1 billion annually to produce movies destined for wide theatrical release, the company was stung by a series of underwhelming results for its movies in theatres over the past year, starting with Martin Scorsese’s KILLERS OF THE FLOWER MOON and continuing with Ridley Scott’s NAPOLEON, the action comedy ARGYLLE and romantic comedy FLY ME TO THE MOON starring Scarlett Johansson and Channing Tatum.
As a result, they pivoted to going out with a brief and limited theatrical introduction for WOLFS and BLITZ from director Steve McQueen before they were made available to stream on Apple TV+. Apple is still planning on spending $1 billion annually to make original films, but it is now unclear how widely they will play in theatres.
Apple’s change in release strategy was a setback not only for exhibitors but also for other Hollywood studios. Legacy studios were in line to earn money from supporting Apple in the theatrical distribution of their films. Previously, Apple had enlisted the support of Sony, Paramount, and Warner Bros. on specific movie releases, with an agreement to share a portion of the proceeds from ticket sales. Most legacy studios are still looking for new ways to improve their balance sheets, with both Paramount and Disney announcing more layoffs this week alone.
According to Bloomberg’s report, Apple execs are inclined to go out with one or two major theatrical releases each year, with their other original films going straight to Apple TV+. But “much hinges” on the box office reception for F1. If that film is another financial loser, after spending a massive $300 million to make the film, then Apple may call off its theatrical release strategy altogether.
