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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

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

Updated 7 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 9 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.