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If you have not noticed yet, the streaming wars are upon us. Netflix has shelled out for Shonda Rhimes and Ryan Murphy. Amazon has locked up Nicole Kidman, Jordan Peele and Barry Jenkins. Apple has several talent deals as well (who needs Siri when you've got Oprah!), And now it has signed a multi-year deal with A24, which will produce a slate of movies for the giant tech, it was announced Wednesday.
The strategic partnership with the A24 (a prime acquisition target) is one of the most important. I even heard that this year, but A24's founders turned it down. Those rumors were both roundly denied, and MGM and Lionsgate were also said to be potential acquisition targets for Apple, and it seems to be a significant challenge to partner with A24 rather than acquire the studio and its budding library. Under the terms of this non-exclusive arrangement, A24 is able to maintain its independence, even if the result is ultimately the same – the company will be making movies for Apple.
Image via Apple
Of course, it's unclear what that even means these days. Will these movies be released as "Exclusive iTunes?" Will they be released on the internet? Apple streaming platform, or will they be released? Right now, A24 movies appear on the Amazon Prime streaming service following their theatrical release, and some A24 movies on DirecTV 30 days before they hit theaters. These deals are not expected to go away, but both are important to the company's bottom line.
While Apple has been ramping up its push into Hollywood, the company has not made a lot of movie deals. That said, Apple has already committed to spending $ 1 trillion on its initial TV slate, which includes a Reese Witherspoon–Jennifer Aniston–Steve Carell show, a Chris Evans drama, and the anthology series Amazing Stories from executive producer Steven Spielberg. Form Sony Pictures Television presidents Zack Van Amburg and Jamie Erlicht currently lead Apple's originals division, though the company has yet to hire an experienced film executive. With Netflix and Amazon sniffing up the air with the lure of major paydays, and Disney and WarnerMedia launching next year streaming services, Apple knows it needs to move fast, or else it risks being left behind. The current stockpiling of talent among streamers may explain today's A24 deal.
Of course, A24 is more than just a distributor – it has become a brand to itself, like Miramax in the '90s. Best Picture Oscar has a couple years ago with Moonlight, it's coming off its biggest hit box office yet Hereditary, and it has also released awards contenders like Room, Lady Bird, Eighth Grade, Ex Machina and The Disaster Artist. The deal makes a lot of sense for A24 as it does Apple, which is eager to get into the business of filmmakers and edgy storytellers. A24 also makes the kind of films that it would be possible to subscribe to and cut down on it, and it's possible that A24 has access to Apple's war chest, the company could compete with major studios. .
Only time will tell who benefits most from this new deal – Apple, A24, or us movie fans. Stay tuned …
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