Apple (AAPL - Free Report) is steadily building its film slate with back-to-back deals for its upcoming streaming service. Reportedly, the company has entered into a multi-year partnership deal with Oscar-winning indie studio, A24.
The latest deal follows Apple’s acquisition of global distribution rights for two “family-focused movies”, Wolfwalkers and The Elephant Queen in September.
Although it is not an exclusive deal, A24 will produce multiple movies for Apple. However, details of the transaction were not revealed.
Is A24 a Good Catch for Apple?
New York-based A24 studio is known for its ability to develop innovative content and support talented filmmakers. The studio’s Moonlight won the best picture award at the 2017 Oscar’s beating La La Land. Its Lady Bird won 41 nominations, including best picture, and 13 awards, including best motion picture in 2018.
Therefore, it is no surprise that Apple, Amazon (AMZN - Free Report) and Lionsgate among others reportedly made offers to buy A24, which were turned down by the latter.
Notably, prior to the deal with Apple, A24 inked a deal with AT&T’s DirecTV to jointly acquire a few films in the United States, with DirecTV holding the rights to offer films on-demand 30 days prior to their theatrical release. This significantly enhances A24’s content portfolio.
Additionally, A24 also partnered with Amazon to make its movies available on Prime post their theatrical releases.
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