Live on Bloomberg TV

00:00Going viral today is a Bloomberg scoop on Amazon's big plan for its content budget. Well, we've been making tech talks about it because Amazon will spend more than a billion dollars a year to produce movies ad that will release in theaters. And the largest commitment to cinema by any Internet company, according to sources. Now, that will be, what, 12 to 15 movies per year. And the news. AMC Cinemark shares powering higher because Amazon has been somewhat of an ally to these theater groups. While all the streamers like Netflix have sort of struggled with a strategy to release content on their service in theaters or indeed simultaneously between the two. That said, though, of course, Netflix actually releases dozens more movies a year compared to what Amazon produces. But Amazon did like to get into theaters. Remember when it first acquired movies and film festivals, eventually earning an Academy Award nominations for the big stick of the Manchester by the Sea, and then went on more recently to buy film studio MGM. And despite declining ticket sales, filmmakers, Hollywood veterans, talent representatives are all pushing for media companies to embrace theaters. And I really think this is evidence of their commitment to MGM and the fact that people perhaps do want to consume movies in different kinds of ways. Remember when Amazon bought MGM key names for MGM left producer Jackie Lopez in my Manchester by the Sea? But I can't really name another big hit from Amazon. I did love Rings of Power. That's a TV series, right? And interesting to see what happens.

No schedule data available.

Going Viral: Amazon's Movie Theater Push

Bloomberg's Caroline Hyde breaks down the Bloomberg scoop on Amazon's big plan for its content budget: $1 billion a year to produce movies to be released in theaters. (Source: Bloomberg)

More From Bloomberg Technology
All episodes and clips