Apple Spending up to $30M for Oscar-Worthy Original Movies

Apple wants to finance six small-budget movies per year, looking at ideas that are more likely to win the Academy Awards (via New York Post).

Project Oscar

Sources say Apple is considering between US$5 million to US$30 million for each movie. The deals are being spearheaded by Apple’s original feature films team led by Matt Dentler, formerly of iTunes Movies.

“They are literally anxious and clueless about what they really want to do,” the source said. “Half the culture hates them making content, and the other half wants to meet stars.”

The dillydallying — combined with Apple’s piddling spending plans — has Apple analysts scratching their heads.

“They are playing from behind the eight ball,” said Dan Ives, an analyst from Wedbush Securities.

“It’s a content arms race,” according to Ives, who said he expects Apple will ultimately stop the hand-wringing and just buy a library from Sony Pictures, Lionsgate, MGM or A24.

Apple needs to build up its library of video content. The new TV+ service will arrive later this year, featuring a variety of original television shows. But Apple doesn’t have anything to offer people who finish watching these shows and want something new.

Further Reading:

[Analysts: Apple TV+ is no ‘Netflix Killer’]

[Apple Hires Molly Thompson for Apple TV+]