Amazon opens its own Hollywood movie studio

Amazon.com is entering the movie industry with the launch of its own Amazon Studios that will use the Internet as the source for the fresh movies on the screen. The Internet movie studio will allow writers to upload screenplays to its website where the global Internet audience can read them and offer feedback, or producers/directors can use them to make test movies. Besides, authors can also upload the test movies which should be at least 70 minutes length.

Top submissions will be awarded by Amazon Studios: US$100,000 for the best movie each month and US$20,000 to the two best scripts. In addition, there will also be annual awards: $1 million for the best movie and $100,000 for the best script. In all, the company expects to hand out up to US$2.7 million for submissions received by Dec. 31, it said on its website.

"Full-length test movies will show stories up on their feet and attract helpful feedback at an early stage," Amazon said in a statement. "We hope that Amazon Studios will help filmmakers experiment and collaborate and we look forward to developing hit movies."

The company has also signed on Warner Bros. Pictures to a 'first-look deal' which gives Warner the right of first refusal on movie projects that Amazon Studios thinks are worthwhile.