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WSJ: Apple Wants To Start Producing TV Shows And Movies Soon
From StockNews.com: Apple Inc. (NASDAQ:AAPL) plans to bolster its Apple Music service with additional access to its own in-house TV shows and movies, according to a Wall Street Journal report today.
While the tech titan could also license outside video content, it’s biggest long-term plans involve creating its own shows and films in order to truly compete with rival streaming services like Netflix and Amazon Prime video. People familiar with the matter also note that AAPL wants to bundle the content with its existing Music service, and bring it to market by the end of 2017, according to the WSJ:
These people said the programming would be available to subscribers of Apple’s $10-a-month streaming-music service, which has struggled to catch up to the larger Spotify AB. Apple Music already includes a limited number of documentary-style segments on musicians, but nothing like the premium programming it is now seeking.
Initial offerings will likely include licensing scripted television programs, with movies and original content to eventually follow. At first, competition will be aimed squarely at Spotify, which its Apple Music service is struggling to gain ground on. Apple Music has around 20 million subscribers, while Spotify counts twice that number.
The move is likely the first of many as Apple looks to transform itself into a hybrid technology/media play.
Apple Inc. shares was trading at $118.93 per share on Thursday morning, down $0.82 (-0.68%). Year-to-date, AAPL has gained 2.69%, versus a 1.08% rise in the benchmark S&P 500 index during the same period.
AAPL currently has an StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 24 stocks in the Technology – Hardware category.
This article is brought to you courtesy of StockNews.com.
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