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Amazon boosts streaming ambitions with deal for MGM studios

This illustration photo shows the Amazon logo on a smartphone in front of the MGM lion on a computer screen in Los Angeles.—AFP photo Amazon boosts streaming ambitions with deal for MGM studios

WASHINGTON: Amazon has various streaming services. agreed to buy the storied MGM Netflix is investing as much studios for US$8.45 billion, the as US$17 billion in content this companies said Wednesday, year in an effort to stay ahead of giving the US tech giant a vast rivals. content library to further its The MGM deal "definitely helps ambitions in streaming. Amazon because consumers The deal bolsters Amazon want more content," said Dan Prime Video, which competes Rayburn, a media analyst with with Netflix and others in the Frost & Sullivan. fast-evolving market, with some Additionally, Amazon will be 4,000 films - including the James acquiring a fabled Hollywood Bond franchise - and 17,000 name with a reputation in the television shows. cinema business, Rayburn noted. The move comes with Amazon "MGM is all about making experiencing surging growth movies, and that's not really in online retail and cloud what Amazon does. So it gives computing, while making a push them a company in the business into entertainment as more of making movies," the analyst consumers turn to streaming said.s media. Rayburn added that Amazon It gives Amazon the fabled may also be able to use the Metro Goldwyn Mayer studios, deal to increase its 'brand and an iconic name in Hollywood messaging,' with ads in movie which has been through a series theaters, and that this 'helps of ownership changes and Amazon further their worldwide bankruptcy in recent years. dominance of everything.' "We're really excited about Amazon's ability to integrate MGM," Amazon founder Jeff the entire MGM catalog onto Bezos told shareholders at its platform, however, is still an annual meeting where he up in the air, as many of the announced he would hand over programmes are not the studios the chief executive job on July 5 sole property. to Andy Jassy, while he takes the MGM's catalog from before title of executive chairman. 1986 belongs to the channel "MGM has a vast, deep catalog Turner Classic Movies, and many of much beloved, intellectual of the films MGM owns from its property... It's going to be a lot of acquisition of the United Artists fun work, and people who love film studio in 1981 are under the stories are going to be the big control of TCM through 2022 beneficiaries." under a deal between the two In addition to the James Bond companies. franchise, MGM owns the rights The Amazon-MGM deal could to film productions including meanwhile increase scrutiny 'Rocky,' 'Legally Blonde' and for Amazon, one of the Big Tech 'Tomb Raider,' and television firms gaining unprecedented shows such as 'The Handmaids economic power in recent years Tale' and 'The Real Housewives and in the crosshairs of antitrust Of Beverly Hills., enforcers around the world. "MGM has nearly a century Amazon was sued this week by of filmmaking history and US capital city Washington for complements the work of allegedly abusing its dominance Amazon Studios, which has of online retail. primarily focused on producing Last week, telecom giant TV show programming," a AT&T said it was spinning off its statement from the companies WarnerMedia division - owner said. of the Warner Bros studios - in a combination with Discovery, Streaming gains steam creating a new entity to focus on The tie-up marks a new twist in streaming and competing with a fast-evolving media landscape the rapidly growing Disney+ and increasingly dominated by new entrants such as Apple TV+. streaming giants such as Netflix, Amazon has said its Prime a trend which has accelerated Video is used by some 175 during the coronavirus million people worldwide. Its pandemic. movie 'Manchester by the Sea' In recent updates, Netflix said in 2017 became the first film its subscriber base has grown from a streaming service to be to 208 million worldwide, while nominated for a best picture Disney has 159 million for its Oscar. — AFP