Apple plans to produce six small-budget movies a year with an eye toward stories that could win Academy Awards, according to The New York Post.
The Post‘s sources claim Apple wants to spend between $5-$30 million on each movie, and that it has already approached “elevated” directors and other film talent 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.
“They are taking meetings and hiring,” one agency source said of Apple, adding that the meetings are being generated by the company’s original feature films unit, headed by Matt Dentler, formerly of iTunes Movies.
According to the report, Apple’s search for six small-budget movies is not related to its multiyear agreement to make films with A23, the studio that produced the Oscar-winning “Moonlight.”
Apple is working on dozens of original TV shows and movies with high-profile directors, producers, and actors, with all of that content set to be available through a new Apple TV+ app that’s going to be released this fall. Check out our dedicated roundup to learn everything that we know so far about Apple’s new streaming TV service.