Apple Plans to Invest $1 Billion in Original TV Shows and Films
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Apple Inc. plans to spend about $1 billion on original programming in the next 12 months, intensifying efforts to compete with Amazon.com Inc. and Netflix Inc. in video streaming, according to people familiar with the plan. Bloomberg's Caroline Hyde has more on 'Bloomberg Markets.' (Source: Bloomberg)
Apple Inc. plans to spend about $1 billion on original programming in the next 12 months, intensifying efforts to compete with Amazon.com Inc. and Netflix Inc. in video streaming, according to people familiar with the plan.
A new Los Angeles-based team, led by former Sony Corp. television executives Jamie Erlicht and Zack Van Amburg, who were hired in June, will produce and buy television shows and films for Apple Music and other future video streaming products, said the people, who asked not to be identified because the plans are private. The Wall Street Journal reported the new budget earlier Wednesday. An Apple spokesman declined to comment.