Amazon plans to pour $1 billion annually on theater movies

8 Inc. AMZN, +1.00% will spend more than $1 billion annually on 12 to 15 movies that initially play in theaters, according to a Bloomberg report Wednesday. The ambitious outlay, believed to be the most by an internet company on theater-first movies, comes as Amazon dukes it out with video-streaming rivals Walt Disney Co. DIS, +2.78%, Apple Inc. AAPL, +0.59%, and Netflix Inc. NFLX, +1.68% who are plowing billions of dollars a year to create movie and episodic content. Amazon had no immediate comment.

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