Apple plans to spend a billion {dollars} a 12 months on its film enterprise, increasing the quantity and period of theatrical releases, Bloomberg reported Thursday. The elevated finances is an try to boost Apple’s Hollywood popularity and appeal to new subscribers to its streaming service, Apple TV Plus, in accordance with Bloomberg’s sources.

The report comes as film theaters get well from closures throughout the COVID-19 pandemic and after 2022 noticed a number of summer time blockbusters draw big crowds.

Apple hasn’t had many main theatrical releases, although its films have gained vital acclaim. It acquired CODA, eventual Oscar-winner for greatest image final 12 months. In the meantime, Apple TV Plus has fewer subscribers than streaming giants like Netflix, regardless of the mega-hit comedy Ted Lasso and different acclaimed exhibits, like Severance.

Apple TV Plus prices $7 a month, making it the lowest priced ad-free premium streaming service. 

Apple did not instantly reply to a request for remark.

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