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Apple said to plan $1.36 billion investment in TV shows and films

Bloomberg Published on Thu, Aug 17, 2017 / 1:29 PM GMT+8

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(Aug 17): Apple Inc. plans to spend about US$1 billion ($1.36 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.

Apple has accelerated its push into video over the past year as it seeks to double revenue by 2020 from its services business, which includes products such as Apple Music and the App Store. It released the reality shows 'Planet of the Apps' in June and 'Carpool Karaoke' earlier this month. Executive Jimmy Iovine told Bloomberg News in April that Apple would release as many as 10 original shows by the end of the year.