Per Bloomberg: Amazon plans to spend $1 billion a year on theatrical film releases.

The tech company plans to make between 12 and 15 movies for movie theaters each year, Bloomberg reported, citing people familiar with the matter. A smaller number of films will be produced in 2023 as Amazon builds up its output, the report said.

Amazon declined to comment.

Amazon has deepened its investments in original content over the years through its Prime Video streaming unit, as well as its movie and television studios. The company spent $13 billion on content for its video and music streaming services last year, up from $11 billion in 2020, as it looks to remain competitive in the crowded media landscape.

Earlier this year, the e-retailer bolstered its media ambitions when it acquired legendary movie maker MGM Studios for $8.45 billion.