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Theater releases will receive $1 billion annually from Amazon.

Theater releases will receive $1 billion annually from Amazon.

Theater releases will receive $1 billion annually from Amazon.

According to a Bloomberg report, Amazon aims to spend more than $1 billion on film development and distribution per year.

According to the article, which is based on conversations with unnamed persons familiar with the topic, Amazon intends to steadily grow its film production until it produces between 12 and 15 films for theatrical distribution each year by 2025. If the firm released so many pictures each year, it would be on par with major studios such as Paramount Pictures.

As audiences return to theaters and blockbuster films resume significant, sometimes record-breaking domestic box office numbers after a halt in 2020 and 2021 due to the pandemic, the world’s largest online retailer plans to expand its media business and gain a larger share of the movie entertainment market.

The business plans to invest $13 billion in content for its television and music streaming services in 2021, up from $11 billion in 2020. This growth is attributable to the company’s increasing investment in original content through its Prime Video streaming subsidiary as well as its film and television studios. Furthermore, in an attempt to broaden its media assets, it paid $8.45 billion for MGM Studios, a film company with a long history.

The movie theater sector has suffered since the outbreak, but an annual budget of $1 billion for film production is on the low end of what major Hollywood studios spend on average.

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