Jeff Sica of Circle Squared Alternative Investments argues the old model of going to movie studios and theaters has been broken.
Apple has acquired licensing rights to director Antoine Fuqua's upcoming runaway slave thriller, "Emancipation," featuring Will Smith, the tech giant confirmed to FOX Business.
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Apple will reportedly pay about $120 million, making it "likely the biggest festival acquisition deal of all time," according to IndieWire.
Apple Studios, along with Smith's Westbrook Studios, Fuqua's Fuqua Films, Todd Black and Escape Artists, and Joey McFarland will produce the film based on the script by William N. Collage, Apple said.
The film is based on a true story about a runaway slave named Peter who uses his wit to outsmart those chasing him as he makes his way from Louisiana to the North, where he joins the Union Army, according to the tech giant.
Seven companies offered bids for "Emancipation," which was being auctioned last week as the Cannes virtual film market's signature film, though production is not expected to begin until 2021, according to Deadline, which first reported the purchase.
Warner Bros. was the only remaining bidder before Apple TV+ won the contract for about $120 million, sources familiar with the purchase told Deadline.
The film will premier in theaters around the world before it appears on Apple TV+, the outlet reported.
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The purchase comes as streaming services like Netflix and Amazon Prime guide viewers toward films and TV shows that showcase stories of slavery, civil rights and justice in the weeks following George Floyd's death.
"We’re watching some of the feeling that I had, in the streets right now. There’s sadness, there’s anger, there’s love, faith and hope as well because of what I see young people doing today," Fuqua told Deadline of the protests and how they relate to the film.
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He added that people of all colors who are "out on the street" protesting are feeling emotions that he felt when he "read the script."
"The slavery and the brutality, most people are familiar with it. People who care to know about it are familiar with it. I found it brutal and I found it entertaining in a way because of the journey it took me on, Peter’s journey. What’s amazing about it is, this is based on fact and deep research," Fuqua said.
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While the majority of Apple TV's content is original right now, the streaming service plans to start buying more licensed content to win over viewers. Apple has recently acquired "Killers of the Flower Moon," "Greyhound," "Swan Song," "On the Rocks" and more, the company said.
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Apple acquires Will Smith film 'Emancipation' in record deal - Fox Business
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