Apple’s ‘F1’ Becomes Its Biggest Box Office Hit Ever, Nears $300 Million Worldwide

Apple’s movie division is celebrating a major win. “F1: The Movie” has officially become the company’s highest-grossing theatrical film, racing past $293 million at the global box office over the weekend.

That puts “F1” ahead of previous Apple releases like Ridley Scott’s “Napoleon” ($221 million), “Killers of the Flower Moon” ($158 million), “Argylle” ($96 million), and “Fly Me to the Moon” ($42 million).

The Formula 1-themed film was produced by Apple and distributed by Warner Bros. Discovery. It has yet to finish its theatrical run and could still cross the $300 million mark in ticket sales.

A big factor in the film’s strong performance is its IMAX release, which has generated $60 million globally, making up more than 20% of its total earnings. In the U.S. and Canada alone, IMAX accounted for $27.4 million, or about 25% of domestic ticket sales.

“It’s a perfect test case for how a streaming service can develop a film for the big screen while promoting it across small screens worldwide,” said Paul Dergarabedian, senior media analyst at Comscore.

The IMAX deal helped “F1” stand out, even bumping Universal’s “Jurassic World Rebirth” from IMAX screens in the U.S., limiting that film’s special format release to China and Japan.

Despite the high box office haul, Apple’s road to profitability with “F1” is still ongoing. Reports estimate that the film cost between $200 million and $300 million to produce, with around $100 million spent on marketing. On top of that, profits are split with Warner Bros. and movie theaters.

“Naturally, a mega-budget movie like ‘F1’ has a long road to profitability,” Dergarabedian said. “But Apple has the resources and cash reserves to take on that risk.”

Apple doesn’t rely on film and television for its core business. With a $3 trillion market cap, most of its income still comes from devices like iPhones, iPads, and Macs. But the company has made big strides in entertainment over the past few years.

It was the first streaming platform to win Best Picture at the Oscars with “CODA” in 2021 and has since built a portfolio of popular series like “Ted Lasso”, “Severance”, and “The Studio.”

In a recent interview with Bloomberg, Apple Services Chief Eddy Cue said the company sees content as a long-term business, not just a promotional tool.

“We got into this business because we thought it would be a good business,” Cue said. “And in order to continue to do great things, you need businesses to be profitable.”

With “F1” pushing box office boundaries and Apple’s influence in entertainment growing, the company appears to be steering confidently into Hollywood’s fast lane.