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

 

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%.

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Amazon to invest a billion dollars in film annually

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