Us e-commerce giant Amazon will spend more than $1 billion (7.15 billion yuan) a year on movies for theatrical release, Bloomberg reported, citing people familiar with the matter.
Amazon's goal is to produce 12 to 15 movies a year for theatrical release, people familiar with the matter said. It would be one of the most ambitious investments by an Internet company in a theatrical film.
Amazon is currently competing with streaming rivals such as Walt Disney, Apple and Netflix. Amazon didn't immediately respond to a request for comment.
IT Home has learned that Amazon reported net sales of $127.101 billion in the third quarter, up 15% from the same period last year. Net profit was $2.872 billion (20.564 billion yuan), down 9 percent year-on-year.
Amazon is stepping up its investment in movies even as net profits fall and the company is cutting costs. In March, Amazon also announced that it had completed a deal to buy MGMStudios for $8.5 billion.