Apple Inc. (NASDAQ:AAPL) has officially cemented its place in Hollywood with "F1" crossing the $500 million mark at the global box office—its most successful theatrical release to date.
What Happened: "F1," produced by Apple Original Films and distributed by Warner Bros. Discovery Inc. (NASDAQ:WBD), has soared to $509 million in worldwide ticket sales, reported by CNBC.
The movie has surpassed the company's previous record set by Ridley Scott's "Napoleon" at $221 million.
The racing drama, which stars Brad Pitt and was shot using IMAX cameras, benefited from a strong three-week exclusive IMAX release window.
This marks a major milestone for Apple, which has only recently started releasing its films widely in theaters.
Other titles like "Killers of the Flower Moon" ($158 million), "Argylle" ($96 million), and "Fly Me to the Moon" ($42 million) fell short of this box office benchmark.
Why It Matters: Apple’s foray into the film industry has been a strategic move to bolster its streaming service, Apple TV+.
A July 2024 report said Apple was in talks with major Hollywood studios to license more films for Apple TV+, aiming to grow its content library and attract a broader audience.
Moreover, Apple’s decision to make its Apple TV App available on Android devices earlier this year demonstrated the company’s commitment to expanding its streaming service’s reach.
Price Action: Apple shares gained 4.25% in the past month, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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