Apple plans to invest $1 billion in movie theaters, according to reports

Shares of movie theaters went up on the news that Apple plans to invest as much as $1 billion annually to make films to be shown on the big screen.

The information was reported by Bloomberg to unnamed sources familiar with the company's plans, which are still being hammered out.

Movies that Apple will be released in theaters could potentially see a minimum of one-month runs in cinemas, according to Bloomberg. The company behind the iPhones and Apple TV has been reaching out to Hollywood studios in connection with the plans.

DISNEY FOX Business reached out to Apple for comment, but did not receive a response at the time of publication.

According to the report, the upcoming films that could get theatrical releases are Napoleon, Argylle and Killers of the Flower Moon. The company has done small runs in theaters for certain films in the past.

Apple is aiming to increase Apple TV subscriber count with the yearly investment, according to Bloomberg. The streaming service has been available since November 2019. It is reportedly trying to bolster its presence in the entertainment industry.

In a recent report, Bloomberg reported that Amazon, another streaming service provider, had intentions of rolling out more of its movies to theaters.

The business segment under Apple TV and Apple's other services fell the company's net sales by $20.77 billion in the first quarter of 2023. In the last three months, Apple generated a total of $117.15 billion in net sales across all of its segments.

Cinemark, AMC and IMAX saw their shares climbed varying amounts by Thursday s closing bell.