Per The Hollywood Reporter, Amazon.com Inc.AMZN bought the comedy film Wiener-Dog, directed by Todd Solondz, in a seven-figure deal that calls for a considerable theatrical release.
Usually, such agreements consist of exclusive streaming rights post the theatrical release.
More on Wiener-Dog
According to Solondz, the film focuses on "the life of a dog and all the different characters it meets along the way" and has been inspired by movies like Au Hasard Balthazar and Benji. The cast includes Danny DeVito, Greta Gerwig, Ellen Burstyn and Kieran Culkin.
The Sundance Film Festival
Amazon was the most prominent buyer, this being the fifth major purchase, at The Sundance Film Festival, the biggest independent film festival in the U.S. Netflix, Inc. came a close second with three films bought so far.
Amazon's TV and movie streaming service ensures new members and renewals for its well-known Prime service. In fact, according to Business Insider, last year, the company spent a projected $3 billion on its streaming video and music services.
We believe that Amazon is keeping up with the latest trend of streaming services. As Sian Heder, a renowned director, puts it, "You always want your film to be shown on a big screen with perfect sound and the best projection. But that's not always the reality anymore. The way that people consume media is changing."
Amazon currently carries a Zacks Rank #2 (Buy).
Investors may consider stocks such as Mercadolibre, Inc. MELI , eBay Inc. EBAY and Groupon, Inc. GRPN . While Mercadolibre sports a Zacks Rank #1 (Strong Buy), eBay and Groupon have the same Zacks Rank as Amazon.