Categories Technology

Apple’s next business could be movies

Apple’s (AAPL) strategy for its online video services has been floundering for quite some time now. The tech giant who is serious about online video cannot afford to fail. Latest rumors suggest that Apple is planning for something big in order to compete with Netflix (NFLX) and Amazon (AMZN) and the plan includes making movies. Yes, in future we might be watching Apple movies.

Reports according to Bloomberg suggest that Apple is aiming to expand its services into the movie industry as well. It is said that the iPhone maker is in deal talks with Cartoon Saloon, an Irish animation TV, and film studio. Apple is eyeing the distribution rights for an untitled movie from the Oscar-nominated studio.  The movie, which might get a theatrical release, will be available only after a couple of years. The California-based company is yet to finalize the deal.

It is said that the iPhone maker is in deal talks with Cartoon Saloon, an Irish animation TV, and film studio.

The reason why Apple is determined about TV and video content is that CEO Tim Cook wants to boost the revenue generated from services business that includes iTunes, Apple Music, and the TV app by 2020, according to Bloomberg.

This move by Apple shouldn’t come as a surprise to anyone, considering its recent hires; Zack Van Amburg and Jamie Erlicht, the two veteran entertainment executives from Sony. Under their leadership, Apple struck several major TV deals and is betting big in the video streaming space, as the tech mogul puts itself in direct competition with Netflix, Youtube, and Amazon Prime.

Apple has even signed a multiyear deal with media giant Oprah Winfrey. Under the terms of the deal, Apple and Winfrey will jointly create programs which will be a part of Apple’s original content. Post the deal, she will continue to run her Oprah Winfrey Network (OWN).

This year, Netflix plans to spend $7-8 billion on content alone, while Amazon is expected to spend $5 billion. Apple has invested $1 billion in buying and selling its own video content.

Most Popular

COST Stock: These factors make Costco a good bet for the long term

Like other leading store operators, Costco Wholesale Corporation (NASDAQ: COST) went into overdrive when people stockpiled on essential items after coronavirus threw normal life out of gear in early 2020.

NKE Earnings: Key quarterly highlights from Nike’s Q1 financial results

Nike Inc. (NYSE: NKE) reported first quarter 2022 earnings results today. Total revenue increased 16% year-over-year to $12.2 billion. Net income rose 23% to $1.9 billion while EPS grew 22%

Costco Earnings (COST): Q4 profit beats Street view amid strong sales growth

Warehouse chain Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2021. The results also topped expectations. Fourth-quarter net sales grew 17.5% annually to

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top