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Jim Cramer Says Coronavirus Could End Movie Theaters

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Apple’s streaming service, Apple TV+, has secured a new movie.

Apple TV+ has snagged Tom Hanks's big-screen World War II-era movie "Greyhound" from Sony Pictures for a reported $70 million, which it plans to stream directly to its subscribers.

The blockbuster movie, starring Hanks and produced by Sony Pictures, was originally meant to be released in theaters on Father's Day but will now be streamed directly to Apple TV+ subscribers, according to reports.

Apple reportedly paid Sony $70 million for 15 years of streaming rights for the film, though Sony retained the right to distribute the movie in China, where it could still release it in theaters. The deal was reportedly approved directly by Hanks himself.

The direct-to-home release marks the first major non-animated movie to be released on a streaming service rather than in theaters, many of which remain closed due to the coronavirus pandemic. It also marks Apple TV+’s biggest film release on ‌Apple TV‌+ to date.

So, obviously the question is: How will movie theaters fare after the coronavirus pandemic?

Jim Cramer weighs in.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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