Shares of Apple (NASDAQ: AAPL) climbed higher Thursday morning, adding as much as 2.4%. As of 3 p.m. ET, the stock was still up 1%.

What sent the tech giant higher were reports that the company would begin producing movies destined for the big screen.

Apple plans to spend $1 billion per year to produce major motion pictures that it will release in theaters, according to a report by Bloomberg. The company is hoping to not only raise its stature in Hollywood but also attract a greater number of subscribers to Apple TV+ -- the company's streaming video service.

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Source Fool.com