Apple spent billions making movies for theatrical release, it didn’t really work

Apple will send more movies straight to streaming as it switches up its plan to pump $1 billion every year into theatrical releases, having spent more than $20 billion on a string of hit-and-miss movies and TV shows over the last 5 years. Its most recent effort, Wolfs — starring Brad Pitt & George Clooney — landed on Apple TV+ after a very limited theatrical run.

Two bites at the apple

While a handful of Apple’s efforts have proved popular with critics — it became the first streamer to pick up the Best Picture Oscar in 2022 with CODA — audiences haven’t always flocked to see them in theaters. Argylle, for example, was seen as a flop when it hit cinemas in February, grossing just $96 million at the global box office. However, the movie found success when it was later released on Apple TV+, perhaps taking some of the sting out of the film’s failure to meet the reported $500 million break-even point.

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