The movie industry received good news Wednesday, with Amazon committing more than $1 billion a year for theatrical releases.
The movie industry has had a rough couple of years as the pandemic took a toll on in-person attendance. Amazon is deeply entrenched in the industry — for an internet company — thanks to its Prime Video service and its MGM studio acquisition.
According to a report by Bloomberg, Amazon plans to make 12 to 15 movies a year for theatrical release. The combined budget will be more than $1 billion.
The news led to a significant boost to cinema stocks, according to CNBC.