Amazon's film strategy is finally ready for close-up.
After a decade of reorganization with big screen theatre release, the giant tech company will take center stage this week at the theater owners' annual convention, spending millions of dollars parading streams of A-list stars such as Ryan Gosling, Ben Affleck and Chris Hemsworth. This is the first time a company has taken on such a role.
Point: To prove that Amazon MGM Studios, the film arm, is serious about releasing around 14 big commercial films a year to theaters around the country and around the world.
The exterior is the culmination of Amazon's strategic change that began when he bought MGM in 2022 for $8.5 billion. For years, the company has released five to eight movies in theaters, but it was not clear how long they would stay in theaters before heading to Prime Video, Amazon's streaming service. “Air,” starring Affleck and Matt Damon, received an exclusive theatrical release over 37 days. “Red One” along with Dwayne Johnson and Chris Evans hit Prime a few weeks after its theatrical debut.
Currently, with 14 films a year, Amazon's lineup rivals the larger studio lineup in both size and range, with most spending 45 days in theatres before hitting Pay-Per-View and Prime.
Amazon has made changes in the middle of its own corporate shuffle. Jennifer Salke, who had been directing the film and television business for seven years at Amazon Studios, suddenly quit his job last week, shocking many people inside the company. So, when the lights dim at Cinemacon Conference on Wednesday, all eyes will appear at Courtenay Valenti, film director at Amazon MGM.
“We've been talking about the theatre slate and the commitment the company has had to the theatre for about two years,” Valenti, 61, said in an interview. “Finally, we won't show you.”
Will Salke's departure cover either of these?
“I won't,” Valenti said.
Even though the film business appears to be shrinking, Amazon is pushed into theaters, and its audience is more capricious than ever. Box office revenue has fallen 11% from a year ago, far below preschool level. This is one of the few out-of-home entertainment businesses that have not yet recovered from Covid.
Some theater owners say they hope that Amazon will help fix one of the major issues that plague their business: the shortage of wide-ranging release films.
“We are pleased to announce that we are committed to providing a range of services and services to our customers,” said Adam Aron, Chairman and CEO of AMC Entertainment. “Wide release movie counts have fallen by 30%, so it's very good news for us that major deep companies like Amazon are trying to increase the number of films.”
Valenti joined Amazon in 2023, a year after he ended his purchase of MGM Studios. The 30-year Warner Bros. veteran was hired to put together a slate that could rival the legacy studio studio's studio.
Her first business was to assure Hollywood that she was committed to making extensive directorial films like Shepherds at Warner Bros: “Barbie,” “Fury Road,” “Elvis,” “Happy Feet.” Second: Amazon releases these films with regular cadences that both filmmakers and theatre chains can rely on.
In addition to the 14-16 films that Amazon is currently planning to release in theaters every year, another dozen will be produced directly for Prime videos. The company also has established its own international distribution division.
“Amazon doesn't do this for us because they want us to feel better. They do it because it should be good for their business,” said Greg Marcus, chief executive of the company that runs Marcus Theatre, the fourth largest chain in the country. “Amazon says, “If you're going to join the streaming business, you'll need to join the theatre business if you want to maximize the impact of these films.” ”
Still, there is no guarantee in the film business. Amazon owns the James Bond franchise, but the films from that 62-year-old series have been away for years. The company took over creative control of the brand from caretakers Barbara Broccoli and Michael Wilson after years of conflict. Amazon quickly placed new producers – David Hayman (“Harry Potter”) and Amy Pascal (“Spider-Man”) – and want to start moving on the actors to play Bond in a new film as soon as possible, but it takes time.
The company has also rebooted well-known MGM titles such as “The Thomas Crown Affair,” directed and starring Michael B. Jordan. It adapts bestselling novels (Andy Weir's “Project Hale Mary” and Colleen Hoover's “verity”). He then takes on the property of his beloved Mattel (“Master of the Universe”).
But much of what Amazon plans to do is original stories. There is a crime drama in the pulse of “the fever” with Hemsworth and Mark Ruffalo. The thriller “After the Hunt” starring Julia Roberts and Andrew Garfield. And then there's the sci-fi film “Mercy” starring Chris Pratt.
“They love movies and take the opportunity to get their original IP,” said Jeb Brody, president of Emagine Featus. “They want all different audiences to projects of all sorts, but they're awake.”
The new push is intense for Valenti. Valenti has been a successful Hollywood success for many years because she doesn't want the spotlight. She said she is proud of the film she was making at this week's theatre convention, but she has always made sure to use “us” instead of “me” to refer to the work being produced.
“This isn't alone,” she said.
Valenti, the daughter of Jack Valenti, a longtime film face as the current president of the Film Association, had a short career in finance before starting as an executive at Warner Bros.
“I feel like a 61 year old Nepo baby,” she said with a laugh.
But it appears that many in Hollywood view her as something else. This is a sign that Amazon is finally getting serious about the film business.
“She wants to hear what you have to say. You want to hear what she has to say,” said Charles Roven, a producer who has worked with Valenti for decades and now has four projects on Amazon.
