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More than three years after Apple’s film Coda won the Best Pictures at the Oscars, the tech company hit another Hollywood milestone, the first summer blockbuster.
F1, starring Brad Pitt and Damson Idris, has garnered more than $200 million at the global box office since opening June 27th, and is expected to pass $300 million this weekend. “It’s a running, running, running movie,” said Jeff Goldstein, distribution chief for Warner Bros, Apple’s partner in the film. “There’s a lot of gas left in the tank.”
It gives Pitt the best opening weekend of his 37-year acting career, showing Apple’s highest box office revenue. By pairing Jerry Brookheimer, Jerry Brookheimer showed he was serious about filling cinema seats this summer by pairing Top Gun and Beverly Hills police hit producers with Top Gun director Joseph Kosinski.
Apple is also approaching another potential milestone: making money from big-budget movies. The F1, co-produced by Pitt’s Plan B Entertainment (now managed by French media group Mediawan) and Jerry Bruckheimer Films, has a production budget of over $200 million and is estimated to have distribution costs of over $50 million.
The company’s decision to release the film as premium-on-demand video before moving to the Apple TV+ streaming service should bring in additional revenue.
“In Formula 1, they were looking for something very commercial,” said someone close to the studio. “This proves they can do theatrical plays (releases).”
Apple had a lot to prove in that respect. In 2023, Chief Executive Tim Cook headed to Cannes and expanded to over 3,600 cinemas in the United States for the premiere of Martin Scorsese’s Murderer’s Moon Flower, bringing thousands more around the world.
With a budget of over $200 million, the killer appeared to be a statement of Apple’s intentions in the film business, but only generated around $160 million at the total box office revenue worldwide. It was followed by two other big budget releases, Napoleon of Algill and Ridley Scott. Both were considered commercial disappointments.
The performances of these films made Hollywood questions even worse about whether Apple could become a major producer of blockbuster movies and streaming shows. Some wondered why they didn’t buy Hollywood Studios to build the scale of their Apple TV+. Like Amazon, Hollywood Studios is considered to be an outsider thanks to its highly tech-focused corporate culture.
However, the release of F1 has led to more Hollywood conventions than before. Cook and other executives made it available for a few pre-release interviews. This is a typical advertising push for traditional studios, but was previously not employed by Apple. “I think this is a step forward for them in terms of how they want to live in this world,” said a traditional studio executive.
Apple also leaned heavily towards F1’s technology and platform, using the iPhone Camera Tech in a real race car to capture high-resolution footage. To encourage people to come to watch the film, it offered ticket discounts through Apple Pay, and there were special appearances by Cook and Pitt at New York’s flagship retailer.
The film producer describes Apple as a “mainstream promotion” but dismisses the idea that it’s all about arthouse aspirations. The company also appears to be picking up the pace of releases. Spike Lee’s Most Highest 2 Lowest (in collaboration with Indie Film Studio A24) will be held in cinemas from August 15th and on Apple TV+ from September 5th.
Apple is also working on Matchbox, starring John Cena, a live-action feature based on Mattel’s toy car brand. Matchbox is the first to be expected to be a number of films based on Mattel products, following the huge success of Warner Bros’ Barbie.
Kosinski and Bruckheimer are collaborating on another untitled project for Apple. And then there’s the development of Mayday, an adventure film starring Ryan Reynolds and Kenneth Branagh.
F1 was clearly a step up in ambition to create a box office winner, but the film didn’t have the easiest start. Production halted a few weeks later due to the 2023 Hollywood strike.
Now, with the success of the film, Apple may have the potential to be a sequel and its first franchise, someone close to the studio said. Equally important, it is expected to increase the number of subscribers on the Apple streaming platform.
“(F1) really tests what Apple is doing,” Kevin Walsh said. Kevin Walsh has made several films for Apple, including Napoleon and Echo Valley. “They are in business to stay and are ready to expand.”
