'F1' could be the last Apple TV+ theatrical release

Apple TV+ is continuing to step back from high-profile theatrical releases of its movies, with the forthcoming "F1" racing drama seen as one more test after a series of flops.

Apple was the first streaming service to earn a Best Picture Oscar, with "CODA" in 2022, but otherwise its movies have not been hits on the big screen. Following low box office returns for films including "Killers of the Flower Moon," Apple curtailed plans for theatrical releases.

That decision began with "Wolfs," which instead got a foreshortened and limited distribution of a week in theaters, before streaming on Apple TV+ from September 27. Now according to Bloomberg, Apple plans to repeat this greatly reduced theatrical window for each of its next films — except one.

In June 2025, Apple is releasing "F1," a racing drama starring Brad Pitt. Significantly, Apple is partnering with Warner Bros to distribute the film, whose budget is believed to have been $300 million. Unspecified sources at Apple have reportedly said that how well "F1" performs at the box office will have a significant impact on future movies.

Apple may continue to produce selected high-budget titles, but it is expected to concentrate more on films in the $100 million range. This is actually a range that been in decline in the age of Marvel-style blockbusters, so it could potentially be a welcome move for film fans.

Making films in this price bracket also means that Apple can aim for around a dozen movies a year. That would mean it spending a $1 billion annually, which is what it had reportedly originally budgeted anyway.

Beyond the immediate box office returns of a movie, though, there are other issues. There's how a theatrical release will advertise Apple TV+, for one thing, and a hit is likely to boost awareness and so also subscriber numbers.

Then "Wolfs" stars George Clooney and Brad Pitt have been vocal about their disappointment in their foreshortened theatrical release. The two stars are reported to have taken pay cuts specifically so that there would be a theatrical release, and now that isn't happening.

So Apple TV+ is presumably going to have a harder time attracting talent, both cast and crew. That's not just because a lack of a theatrical window is less attractive, but the company appears to have changed its deal during production.

If a single movie does poorly in a theatrical release and also does not fulfill whatever metric Apple TV+ uses to measure success, that's one thing. But films have a long tail, they keep on earning, and talent keeps making films.

So a decision to pull back on its theatrical releases and the promotion of its movies, is going to have a long-term effect.

Hollywood veterans are reportedly struggling to understand Apple's strategy — or that of Amazon and Netflix. It's said that industry people suspect the streamers see theaters as just marketing — and that if so, they are still not spending enough to promote their movies.

"Wolfs" by Jon Watts is now streaming on Apple TV+