Two of Apple’s major launches this month have garnered very different results.
Apple recently announced new AI advancements for their systems and released a new film titled “F1: The Movie”.
The film, starring Brad Pitt generated US$293 at the global box office after 10 days of release, overtaking Napoleon, which generated US$221 million, as Apple’s highest-grossing movie to date.
Ticket sales for the film mark a step in the right direction for Apple’s theatrical ambitions, especially after success in AppleTV+ series like Severance and Ted Lasso.
“F1” cost Apple more than US$250 million to produce and roughly US$100 million more to market, making it harder to justify the racing drama. However, Apple’s US$3 trillion market cap helped the film get off the ground.
So far, Imax has fuelled US$60 million globally, accounting for 20.4% of the films' worldwide total.
Outside of the U.S. and Canada, the film grossed $109.5 million, with top-earning territories including China, the U.K., Mexico, France and Australia.
At WWDC, Apple announced its biggest overhaul to iPhone software since 2014, taking a new approach to bringing generative AI to its iPhone, iPad and MacBook users by getting third-party developers to chip in.
However, after a lacklustre Siri presentation, Apple’s market cap dropped by 1.5% to 2.5%, erasing US$75 billion in value.
In the presentation, Apple revealed that it was delaying Siri’s next update until 2026 to avoid disappointing customers further after facing a series of lawsuits from investors.
The company is apparently in talks with AI companies like OpenAI and Anthropic to power Siri using their tech.
At the time of writing, Apple (NASDAQ: AAPL) stocks are up 0.52%. Its market cap is US$3.19 trillion.