Apple commits to spending a lot on original video content.
There are now 1 billion reasons to believe Apple will become a huge player in Hollywood. That’s the amount of cash the iPhone maker will set aside for original programming over the next year, according to The Wall Street Journal.
To put this figure into respective, this was the same amount of cash Amazon paid in 2013 when it began producing original content in 2013. Over the past year, Time Warner’s HBO spent $2 billion on content.
According to the report, $1 billion is enough for Apple to acquire and produce as many as 10 television shows.
Two months ago, Apple hired Sony Pictures Television co-presidents Jamie Erlicht and Zack Van Amburg to lead its original content efforts. They started at the company this month, taking over programming responsibilities from the Apple Music team.
We could hear more about Apple’s entertainment plans as early as next month when the company’s expected to unveil new iPhones alongside a new Apple TV and Apple Watch.