We reported a while back that Brad Pitt and director Joseph Kosinski wanted to make a movie about Formula 1 racing.
With Kosinski ‘flying high’ off the back of Top Gun: Maverick, it seems everyone wanted a piece of his next action. A bidding war started for the F1 movie, with the likes of Paramount, MGM, Sony, Universal and Disney all trying to get their hands on it.
It turns out that Apple won the bid, in what is being called a bit of a game changer. Apple is known as a streaming service, but the new Formula 1 movie would see it released exclusively in cinemas for 30 days, maybe even 60 days, before you get to watch it at home. It would mean a lot more money for everyone involved. Reports say:
“In another first, insiders say the theatrical component is structured in a way that would see Apple and the filmmakers split 50-50 the take from the big-screen release. The unique deal in essence is having the creative team paid three ways — their upfront fees, their hefty buyout fees and the theatrical backend. Sources say Kosinski, who will also produce, and Bruckheimer are seeing paydays well into the eight figures, with Pitt and his company hitting $40 million to $50 million…
Before this kind of deal, creatives and their reps had a Sophie’s Choice of sorts to make — does one take a buyout or push for a theatrical release? But CAA, which represents Pitt, Kosinski and Bruckheimer, pushed for another answer: Why not both?”
COVID changed the landscape of the cinema, seeing streaming services booming and some cinemas going out of business. Top Gun: Maverick has been the biggest box office smash since the pandemic, but revenues are still down from pre-COVID times. Does this mean that with a deal like this Formula 1 will get people back into cinemas?
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