Apple goes one for three on $700 million blockbuster bet

Apple spent at least $700 million USD ($943 million CAD) on its last three movies, according to Variety.

Citing sources, the outlet notes that Apple shelled out this money to produce and market Killers of the Flower Moon, Napoleon and Argylle. For context, the recently released Dune: Part Two had a reported $190 million USD ($256 million CAD).

As Variety notes, the three Apple films have made a combined $466 million USD ($628 million CAD) worldwide. In all three cases, Apple partnered with established major studios to help market and distribute the film: Paramount (Killers of the Flower Moon), Sony (Napoleon) and Universal (Argylle).

Of course, these movies aren’t exactly in the same situation as those from most other studios in that they’re produced by Apple to ultimately be streamed on Apple TV+. However, the company did sign deals to have these movies play in theatres for lengthy periods, not just the usual one-week minimum for awards eligibility.

And from a prestige perspective, only one of those three films has actually paid off: Killers of the Flower Moon. The latest film from legendary director Martin Scorsese has been one of his most acclaimed in years, earning 10 Oscar nominations, including Best Picture.

But the other two films were decidedly less well-received. While it received three Oscar nominations in technical categories, Ridley Scott’s Napoleon garnered mixed reviews and only $221 million USD ($298 million CAD) at the box office. Worse still was Argylle, a $200 million USD ($270 million CAD) zany spy action-comedy that was intended to kickstart a franchise but only made $92 million USD ($124 million CAD) worldwide.

While lukewarm box office totals can, in theory, be offset by streaming demand, the poor reception certainly doesn’t suggest a strong start for these films.

It’s important to note that Apple’s entertainment ventures have also seen some notable successes, though. First, the company won the Oscar for Best Picture for 2021’s CODA, an award that not even Netflix has yet won. Apple has also netted 46 Emmys driven by its highly popular Ted Lasso series.

Therefore, Variety‘s report isn’t to suggest Apple’s movie business is failing, but rather, that it’s going to see a bit of an overhaul. Per the outlet, the company is going to scale back on so many $200 million movies, although it’s still developing a Brad Pitt-led Formula One film in that price range.

Instead, it’s looking to less expensive films like the thriller The Lost Bus (starring Matthew McConaughey), the comedy Outcome (starring Keanu Reeves and Jonah Hill) and a Little Richard biopic produced by Ron Howard.

As one unnamed agent told Variety, the ever-rampant streaming “arms race” led companies like Apple to “stupidly overspend,” resulting in more cost-cutting efforts now.

Variety also notes that there’s been a lot of pressure on Apple to acquire a film studio, with one analyst saying there’s a “50 percent chance” the company may do so in the next 12 to 18 months.

Image credit: Apple

Source: Variety