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Home Business

Amazon to invest $1 billion annually to produce movies for theaters

by Sumbul Farid
November 24, 2022
in Business, Entertainment, Mobile, News, Tech, Trending, World
Reading Time: 1 min read
0
Amazon reportedly announced its yearly hardware event on 28th of September

Amazon reportedly announced its yearly hardware event on 28th of September Image Credits: The Verge

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According to a report by the Bloomberg news, Amazon plans to invest more than a billion dollars annually to produce movies for theaters. If true, it will be the biggest commitment to cinemas by an internet company to date.

File photo: Amazon
File photo: Amazon

The report further added that the online retail behemoth plans to release 12 to 15 movies in a year. Shares of AMC and Cinemark have been said to be hitting session highs. Cinemark gets the biggest pop up nearly 6.5%.

Amazon joins the lay off spree! Company to review unprofitable units
Amazon to invest a billion dollars in film annually
Tags: amazonBusinessentertainmentfilmsInvestment
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