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Apple and Hollywood Studios Planning to Make Newly Released Movies Available to Rent on iTunes

Maura

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According to an exclusive report on Bloomberg, movie studies are weighing up whether or not to defy the objections of cinema chains and proceed with a plan that they have been hammering out with Apple to offer digital rental of movies just weeks after the movies first hit theatres.

Bloomberg’s sources say that some of the biggest studios in the world, including Warner Bros. and Universal Pictures, are continuing to hold talks with Apple and Comcast about proceeding with the plan with or without having the theatre chains on their side.

All of the leading Hollywood studios, minus Walt Disney Co., want to launch a new product that will compensate for the fall in DVD sales. All parties have talked about sharing a portion of the revenue from the proposed premium video on demand with the cinema chains in order to get them to agree. However, the cinema chains are holding out for a long-term commitment of up to 10 years for the revenue split, which the studios have still not agreed to.

It’s thought that the studios will be able to finalise their deals with distributors such as Apple and Comcast by early 2018 to offer digital downloads of major movies as soon as 2 weeks after they first appear in theatres. These deals would then enable the studios to go ahead even without the blessing of the theatre chains.

Source: Hollywood, Apple Said to Mull Rental Plan, Defying Theaters
 

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