Apple Inc AAPL and Netflix Inc’s NFLX are engaged in a bidding war to grab a deal for an upcoming Oscar-winner project starring Jennifer Lawrence, according to a report by Variety.
What Happened: The streaming service providers are trying to land the deal for the biopic project centered around famous Hollywood talent agent Sue Mengers that will feature Lawrence and is set to be directed by Oscar-winning filmmaker Paolo Sorrentino.
The bidding war between Netflix, which currently dominates Oscar nominations for films, and the upcoming Apple TV Plus has reached up to $95 million, as per Variety.
The movie is being seen as a major film for Lawrence who has not been seen in a big project since the box office failure of 2019, superhero film X-Men: Dark Phoenix.
Who Was Sue Mengers? Sue Mengers was a successful and the first woman agent in Hollywood, known to have worked with names such as Barbra Streisand, Cher, Brian De Palma, Steve McQueen, Gore Vidal, and other major celebrities and filmmakers.
Why It Matters: Netflix, Apple, Walt Disney Co DIS and Amazon.com Inc’s AMZN Prime Video are engaged in streaming wars to bag distributing rights to upcoming projects exclusively for their streaming services audiences.
While Apple is still building a more robust library of its own, more established streaming rivals Netflix, Amazon and Disney are spending billions to develop and make content suited for local audiences across the globe.
Streaming services have also got a demand boost from the pandemic as viewers choose to stay-at-home and watch content online instead of going to theaters.
Price Action: Netflix shares closed 0.11% lower at $519.97 on Monday.
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See also: How to Buy Netflix Stock
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