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

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 to invest a billion dollars in film annually