Amazon plans to invest more than $1 billion a year in making theatrical movies

November 24 news, according to Bloomberg News, people familiar with the matter revealed that the American e-commerce giant Amazon will invest more than 1 billion US dollars (about 7.15 billion yuan) in movies released in theaters every year.

Informed sources said , Amazon’s goal is to produce 12-15 movies a year and release them in theaters. It will be one of the most ambitious investment plans for theatrical movies by Internet companies.

At present, Amazon is competing with rivals in the streaming media field such as Walt Disney, Apple and Netflix. Amazon did not immediately respond to a request for comment.

IT Home learned that the financial report shows that Amazon’s net sales in the third quarter were 127.101 billion US dollars (about 910.043 billion yuan), a year-on-year increase of 15%; RMB), a year-on-year decrease of 9%.

Amazon is investing more in movies even as net profit falls and the company is cutting costs. In March of this year, Amazon also announced the completion of the acquisition of MGM Studios for US$8.5 billion (about 60.775 billion yuan).

(IT Home)