07:01 AM EDT, 09/27/2024 (MT Newswires) -- Apple ( AAPL ) is rethinking its strategy to release movies in theaters and planning to make roughly a dozen movies annually, Bloomberg reported Friday, citing unnamed people familiar with the matter.

The firm's commitment to spend $1 billion a year on movies will not change, but Apple's ( AAPL ) approach towards the makeup of movies and release will change, the report added, citing the people.

In Los Angeles' Culver City neighborhood, Apple ( AAPL ) is constructing a 536,000-square-foot office building that will be its headquarters in the region as it intends to double its staff to over 3,000 by 2026, the report said.

The technology giant will return to the big screen with a global theatrical release of F1, a Brad Pitt movie starring as a former Formula One driver, Bloomberg said.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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