Apple, maker of the iPhone, reportedly has budgeted $1 billion to procure and produce original content over the next year, sources tell The Wall Street Journal.
Though the figure is about half of what HBO spent on content last and on par with what Amazon spent in 2013, the newspaper reports that Apple’s global reach and marketing clout immediately make the company a considerable competitor in a market where new and old media players vie to acquire original shows.
Apple could acquire and produce as many as 10 television shows, according to the people familiar with the plan, helping to fulfill Apple Senior Vice President Eddy Cue’s vision of offering high-quality video.
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