Apple to pay US$25 mln for exclusive right to stream ‘CODA’

AT the modern-day gold-rush that is the Sundance Film Festival – where prospecting movie studios can either stumble onto gold or toss sacks of cash off a mountain - no company has ever spent US$25 million on a film’s rights. Until the past few years, in fact, almost no one ever spent $10 million.

But Apple isn’t just any entertainment company, with its market capitalization of $2 trillion. And few films are ‘CODA,’ a fictional story of a deaf fishing family and the hearing daughter who serves as their interpreter.

The film, a warmhearted dramedy, captivated audiences when it premiered at the virtual gathering that ended Wednesday, winning more awards than any movie in recent Sundance history. It also prompted a feverish bidding war – which concluded when Apple agreed to pay US$25 million for the exclusive right to stream the movie on Apple TV Plus.

But the drama is only beginning.

The purchase of Sian Heder’s ‘CODA’ (the title refers both to a musical subplot and the acronym Children of Deaf Adults) could be one of the most consequential moves an entertainment company makes this year. If the release catches on, it could singlehandedly take Apple from content also-ran to major player, provide the next film blockbuster, reshape mainstream attitudes about the deaf and even give America the cinematic hug it badly needs.

Experts say another scenario is possible: ‘CODA’ might become part of a less noble tradition, that of the big Sundance sale that sinks soon after, surfacing only as a cautionary tale for not overspending at a festival.

“This could be one of the most important acquisitions in the history of Sundance,” said a filmworld veteran who, like many that attended the festival, was as shocked by the size of the deal as they were passionate in keeping their feelings about it anonymous.” — The Washington Post