Apple (AAPL.US) has struck an unprecedented new deal with F1 over its themed film release, potentially charting a path for movie theaters, streaming companies and various Hollywood stakeholders to coexist. The F1-themed film will star and produce by Brad Pitt and Joseph Kosinski will direct. In January, Apple struck a deal with Formula 1 to beat rivals including Paramount, Amazon (AMZN.US), MGM, Sony, Universal and Netflix (NFLX.US).
The special feature of this agreement is the way of theatrical distribution. Over the years, the movies produced by Apple have only been released in a small area for a short period of time, and this film is planned to be released in theaters around the world for at least 30 days (or even 60 days) before going online. Apple TV+.
Under the deal, Apple and the filmmakers will split revenue from the big screen equally, 50/50. There are essentially three ways to pay the creative team, an upfront fee, a hefty buyout fee, and a theater backstage fee. This could suggest that, regardless of the size of the film, it will be shown in theaters and on streaming.
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