Investing.com -- Google is investing approximately $75 million in independent movie studio A24 as part of a new artificial intelligence research partnership, according to a report from the Wall Street Journal, citing people familiar with the matter.
The investment marks the first time the Alphabet unit has taken a stake in a film studio, despite its major presence in online entertainment through YouTube. A24 has released recent films including "Backrooms" and "Marty Supreme."
A24 last raised funds in 2024, when Thrive Capital led a funding round that valued the studio at $3.5 billion. Google’s investment is roughly equal to the amount Thrive Capital contributed at that time, the people said.
The studio’s revenue has more than doubled over the past two years as it increased film budgets and expanded into businesses including unscripted television, music and theater.
Google’s DeepMind AI unit and A24 plan to develop new tools for movie production and distribution.
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