Apple Devoting To OTT Business : Acquiring Sundance Opening Film <CODA> for 25M USD
Apple has acquired its film rights to the opening film at the Sundance Film Festival this year for $25 million. Apple plans to add Coda to the lineup of it own OTT platform, Apple TV+. It is the highest record in the history of the Sundance Film Festival. This surpasses surpassed the record of acquiring the movie Palm Springs for $22.5 million by OTT platform Hulu, a subsidiary of Walt Disney Company, last year. The movie "Coda" tells the story of Ruby (played by Emilia Jones), a child who grew up with parents with hearing impairments.
Apple plans to increase its competitiveness by providing original contents supplied through Apple TV+. Apple TV+ released <Grey Hound>, <On the Rocks>, <The Banker> and <Wolf Walker> last year and focused on securing original lineup. This year, along with <CODA>, it has supplied exclusive films such as <Palmer>, a film starring Justin Timberlake, and <Cherry> a crime film starring Tom Holland. The film industry predicts that Apple TV+ will release the movie <CODA> in the first half of this year.
In particular, Apple TV+'s increase in the number of exclusive works this year is interpreted as an attempt to significantly expand additional service areas, including Korea. Considering the fact that the Korean user interface (UI) was applied to Apple TV+ in September last year and that Korean subtitles were added to the original content, there are voices that Korean services are likely to be available this year. The hiring of personnel in charge of Apple TV+-related video business in Seoul is also expected to be part of the process of preparing to enter Korea.
The increase in service area and global subscribers of potential competitors Netflix and Disney+ should also be checked from Apple TV+'s perspective. As of December last year, Disney+ had 86.8 million global subscribers. It expects to secure more than 200 million global customers by the end of this year if it increases service areas including South Korea.
With global OTT companies including Disney+ deciding to expand their service areas starting this year, Apple TV+ is also expected to expand its service areas. Amid fierce competition in the global streaming industry, many OTT operators are expected to make every effort to supply and demand original content this year.