Apple is investing approximately $250 million in the Brad Pitt film “F1,” marking one of its largest entertainment ventures since entering Hollywood in 2019, as executives prioritize high-end, aspirational content, according to The Wall Street Journal, citing sources familiar with the project. Warner Bros. (WBD) will distribute “F1” for Apple, earning a share of box-office revenue, while Apple is exploring the creation of its own theatrical distribution division, the report adds.
Ben Fritz and Joe Flint for The Wall Street Journal:
Apple has put its full muscle behind “F1,” which was shot on special cameras for IMAX screens. It kicked off its recent Worldwide Developers Conference with a promotional video for the movie and is offering a discount on tickets bought with Apple Pay—the first time it has done that for a film. Cook has personally hyped it alongside Pitt and Formula One racer Lewis Hamilton, which the CEO typically does only for Apple’s most important launches.
But Apple hasn’t invested in the capacity to release and advertise its own movies, as Amazon did when it acquired MGM. Warner Bros. is distributing “F1” for Apple and gets a percentage of box-office revenue that increases with ticket sales, according to a person familiar with the arrangement.
That approach saves Apple on overhead costs, but puts it at the mercy of partners that may prioritize their own productions.
Warner Bros. is releasing “Superman,” its most important movie of the year, two weeks after “F1.”
A Warner spokeswoman said it is giving “F1” a “robust global marketing campaign that befits a film of its size.”
Apple executives have discussed starting their own theatrical distribution unit, people familiar with the matter said.
MacDailyNews Note: “F1 The Movie” premieres in theaters and IMAX nationwide on June 27th and premiered internationally on June 25th.
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