The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release, said the people, who asked not to be identified because the company is still sorting through its strategy. Amazon will release a smaller number of films in theaters next year and increase its output over time. That number of releases puts it on on a par with major studios such as Paramount Pictures.
The news boosted shares of theater operators. AMC Entertainment Holdings Inc., the largest chain, rose as much as 7.9 per cent to US$7.90 in New York. Cinemark Holdings Inc. advanced as much as 7.6 per cent to US$13.20. Amazon first got the attention of the movie business by acquiring projects at the Sundance Film Festival and releasing them in thousands of theaters for months, a cycle that resembled those of a traditional studio. It earned Academy Award nominations for The Big Sick and Manchester by the Sea. While those movies delighted critics, they were only modest successes at the box office.
$1B buys about 5 good movies.
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