UPDATE: Apple TV+ spending more than $6 billion on new shows, plans to launch before Disney+: report
Apple Inc. (AAPL) has committed to spending more than $6 billion on original content for its upcoming streaming-video service, which it expects to launch within two months, the Financial Times reported (https://www.ft.com/content/4f7f4326-c2bf-11e9-a8e9-296ca66511c9) Monday. That would beat the launch of rival Disney+ from Walt Disney Co. (DIS), which is set to debut Nov. 12 (http://www.marketwatch.com/story/disney-to-launch-streaming-service-in-canada-the-netherlands-along-with-us-on-nov-12-2019-08-19). Apple has not yet announced a price for its TV+ service, nor many other details, though a separate Bloomberg News report (https://www.bloomberg.com/news/articles/2019-08-19/apple-is-targeting-launch-of-apple-video-service-by-november) Monday said Apple is weighing a price of $9.99 a month, with a likely free trial period. The FT reported the first-year budget for TV+ has grown from $1 billion to more than $6 billion as it attempts to create a strong library of content to compete with a growing field of rivals. In comparison, streaming leader Netflix Inc. (NFLX) spent $13 billion on original content last year (http://www.marketwatch.com/story/netflixs-content-strategy-isnt-working-so-expect-even-more-drops-in-the-stock-2019-07-19), and is expected to spend even more this year. The FT report said Apple is winning support in Hollywood with deals offering more money earlier in the production process.
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 19, 2019 19:40 ET (23:40 GMT)
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