Apple is planning to finance six small budget movies a year with stories that could win an Academy Award, reports the New York Post.
Hollywood sources say the tech giant has been approaching “elevated” directors and other film talent in recent months to talk about bankrolling projects with Oscar-winning potential. Apple is looking to spend $5 million to $30 million per project, sources said, adding that the company is being driven by Netflix’s recent spate of Oscar nominations and win for Best Foreign Film with “Roma” — legitimizing Netflix head Reed Hastings’ standing in Hollywood.
Apple’s original feature films unit, headed by Matt Dentler, is reportedly taking meetings and hiring. Their ambitions are described as ‘focus features-esque award contenders’.
The effort is not related to a multiyear agreement to make movies with A24, the studio behind the 2017 Oscar winning film ‘Moonlight’.
Apple is working hard to source content for its upcoming Apple TV+ streaming service. The service was announced in March and will feature content from Reese Witherspoon, Steven Spielberg, Oprah Winfrey, Damien Chazelle, and others.
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