On Wednesday, those stocks barely budged. Now, according to reports from the Wall Street Journal, the Cupertino giant has prepared $1 billion dollars to produce original content over the course of a year.
These include the critically panned Planet of the Apps, an app-focused take on "Shark Tank" starring celebrity mentors Will.i.am and Jessica Alba and the delayed Carpool Karaoke, which launched this month. Netflix is estimated to spend more $6 billion this year. The only person who's come close to topping them is Amazon, but reports claim Apple is gunning for the big chair. It is believed to be creating original, high-quality content on Apple's music streaming service or a brand new video-centered service.
Both Netflix and Amazon have a considerable head start over Apple's original programming efforts, with the former in particular seeming to have a new high-profile show announced every few days.
Jamie Erlicht and Zack Van Amburg joined Apple in June after being poached from Sony Pictures Television. Apart from this, the company has also hired the former president and general manager of WGN America and Tribune Studios, Matt Cherniss.
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As the likes of Disney and Apple plan their own ways to watch TV for a monthly fee, the competitive pool already containing Hulu, Netflix, HBO Go, Sling TV, DirectTV, Showtime and Amazon Prime Video risk becoming overcrowded and possibly oversaturated.
Some producers are eager to work with Apple, sensing a first-mover advantage. Both are housed inside the Apple Music silo, but this new initiative will nearly certainly feature as part of the company's Apple TV platform. It was reported earlier this year that Apple's original series won't directly compete with Netflix, at least not yet. Basically Apple has the power to pull off ambitious projects with big name directors and actors and may even pull off theatrical releases to be eligible for Academy Awards, which is something that Netflix has been wrestling with now.
To gain traction, at least one of Apple's shows must be a hit.
The streaming giant is also luring established talent to ramp up its original content.
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