Sep 7, 2017

Amazon, Apple reportedly vying for Bond franchise rights

AP Photo / Michael Sohn/File

Amazon and Apple are competing for the distribution rights to the next James Bond movie, according to The Hollywood Reporter. While Warner Brothers is in the lead to win the contract, both tech giants are reportedly willing to spend just as much, a sign that should worry Warner Brothers and the other traditional Hollywood studios also trying to win the Bond business, like MGM, Universal, Fox and Sony. Many other big series, like Pixar (Disney) and Millarworld (Netflix), have already been picked up by tech or major media companies.

Why it matters: Since the 1960's, the 007 franchise has been distributed by traditional movie studios, like United Artists, MGM and, until 2015's "Spectre," Sony. But Hollywood studios are facing a major economic crisis. Box office revenue hit a 25-year low this past season, as consumers continued to migrate from theaters to digital streaming services like Amazon and Netflix. Big-budget tech companies, like Amazon, Netflix and YouTube, are pouring billions of dollars into buying original content and distribution rights to lure consumers to their platforms.

Apple, Amazon move into media: These two companies, specifically, have been making big investments in their content businesses this year, poaching Hollywood talent and pouring dollars into big-name titles. In June, Apple hired two Sony executives to lead its original programming business and in August, it was reported that Apple would invest $1 billion in content. Amazon spent $10 million for Manchester by the Sea at Sundance Film Festival in 2016 and announced in July it would distribute Woody Allen's next film on its own platform.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 a.m. ET: 1,498,833 — Total deaths: 89,733 — Total recoveries: 337,074Map.
  2. U.S.: Total confirmed cases as of 9:30 a.m. ET: 432,438 — Total deaths: 14,808 — Total recoveries: 24,125Map.
  3. Business: Fed will lend up to $2.3 trillion amid coronavirus crisis — Another 6.6 million jobless claims filed last week
  4. Public health latest: The federal government is in the process of deploying 90% of its stockpiled medical equipment to fight the pandemic.
  5. States latest: New York has reported more cases than the most-affected countries in Europe — Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  6. Poll: 1 in 10 Americans believe economy will never return to normal from coronavirus.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support with the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

DetailsArrowUpdated 11 mins ago - Economy & Business

Another 6.6 million jobless claims filed last week amid coronavirus crisis

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Andrew Witherspoon/Axios

Another 6.6 million Americans filed for unemployment last week, the Labor Department announced Thursday.

Why it matters: It adds to the staggering 10 million jobless claims in recent weeks — by far the sharpest spikes in American history — as the world economy has ground to a halt in an effort to contain the coronavirus outbreak.