According to the latest reports, Amazon plans to spend over $1 billion every year to produce movies to be released in cinema theaters. Amazon is strategizing to make between 12-15 movies per year.
They added that Amazon is scheduled to release a small number of films in theaters next year, with its output increasing with time. After this move, Amazon aims to be on the same level as significant film studios such as Paramount Pictures.
This plan will also give a significant boost to the movie theater business, which has fallen down after the advent of streaming platforms like Netflix, Dinsey+hotstar, and Amazon Prime.
Amazon is still behind Netflix, with Amazon putting out around 24 films every year and Netflix releasing close to 100 every year. However, the reports added that Amazon is trying to ramp up its investment in original movies.
After this news came out, a bid in shares of cinema operators AMC Entertainment Holdings Inc and Cinemark Holdings Inc went up by 6% and 9%.
Exclusive Video Interviews: Watch & Subscribe