In a bid to compete with Amazon and Netflix’s video streaming service, leaked information has revealed Apple’s plans to invest $1 billion in original programming (TV shows & film) within the next 12 months.
The company aims to double its services business revenue by 2020, inclusive of Apple Music and its App Store.
It comes following the recruitment of former Sony Corp TV executives in June, Jamie Erlicht and Zack Van Amburg, known for their involvement in hit TV-series ‘Breaking Bad’.
Erlicht and Van Amburg will lead a Los-Angeles based team, with the aim of producing and buying TV shows and movies for Apple Music, plus any future video streaming offerings.
Earlier in April, Apple informed Bloomberg it would release 10 original shows by the end of the year.
Whilst reports indicate the $1 billion budget is still being finalised, compared to the likes of Netflix and Amazon, the investment is considerably less that the $6 billion and $4.5 billion respectively, each intends to spend on original programming by year’s end.
Reports state that Apple is still recruiting aggressively for the team, with former president of Tribune Media Co.’s WGN America cable network, Matt Cherniss, named to head development.