New York (The Verge) — Apple reportedly ups TV spending by $5 billion to compete with Amazon and Netflix theverge.com/2019/8/19/2081….
Apple has reportedly committed an eye-popping $5 billion dollars more to its original video content budget in a bid to better compete with Amazon, Disney, HBO, Netflix, and Hulu, according to a new report from the Financial Times.
The company had originally set aside $1 billion for former Sony Pictures Television executives Jamie Erlicht and Zack Van Amburg to court well-known creators and Hollywood stars to its platform. According to the FT, that number has jumped to $6 billion as more shows have moved through production and budgets have ballooned.
One production — a high-profile comedy-drama about morning television featuring Jennifer Aniston, Reese Witherspoon, and Steve Carrell called The Morning Show — has cost Apple hundreds of millions of dollars, the FT reports. Separately, Bloomberg reports that Apple is spending $300 million on just the first two seasons of the show.
Apple’s willingness to immediately match what Netflix was spending annually on original content just a couple of years ago shows how intense the streaming wars are poised to become in the coming months and years. Apple’s TV Plus service launches this fall, anchored by The Morning Show and a suite of other programming with big names like Oprah Winfrey and Steven Spielberg. The company’s services chief Eddy Cue has said the company plans to add new content at a slower pace than its soon-to-be rivals, with a prioritization on quality over quantity. — Nick Statt/@verge