Apple is retreating from its ambitious plans for wide theatrical movie releases after several of its high-budget films failed to meet box office expectations, Bloomberg reports.
Apple is believed to have initially set aside $1 billion annually to produce big-budget films for cinemas, aiming to compete with traditional Hollywood studios. The company's goal was ostensibly to release a series of blockbuster movies that could drive ticket sales, win prestigious awards, and elevate its profile in the film industry.
Films such as Martin Scorsese's Killers of the Flower Moon, Ridley Scott's Napoleon, and Matthew Vaughn's Argylle were expected to perform strongly at the box office, but each delivered disappointing results. As a result, Apple is now said to be scaling back these plans with a growing emphasis on using limited theatrical windows to qualify for awards while primarily marketing its films as streaming titles.
One of the biggest signs of this shift was the cancellation of the wide global release of Wolfs, an action comedy starring George Clooney and Brad Pitt. The film had originally been slated for a broad theatrical debut in thousands of cinemas around the world. Instead, it was released in a limited number of theaters before becoming available for streaming on Apple TV+ on September 27.
Apple's leadership has reportedly been seeking to rein in costs across its entertainment division. While the company is said to remain committed to its $1 billion annual film budget, it will now focus on producing fewer high-budget films, reducing the number of theatrical releases, and scaling down the average production cost of its movies. According to sources familiar with the company's plans, Apple will continue to produce about a dozen films per year, most with budgets under $100 million.
Only one or two major titles each year will be given larger budgets and wide theatrical releases, such as the upcoming film F1, starring Brad Pitt, which is set for a global release in June 2025. F1 is expected to be Apple's most expensive movie to date, with a reported production budget of over $300 million.
