Apple is hoping that its efforts toward original content will increase appeal in iTunes movie rentals which previous year generated a $4.1 billion in revenue although its share of the movie rental and sales market had declined to less than 35%.
Apple could announce more details in September, when the company is expected to reveal the next iPhone, Apple Watch and a new Apple TV box capable of streaming 4K content.
Splashingtons, are you ready for original content from Apple?
Apple's effort to conquer the TV space has not been very successful as of yet.
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The Wall Street Journal reports Apple's planned budget is about half of what HBO spent on content a year ago, which is a big deal for a company with little to no experience in original shows. That's quite an increase from 2013, at $2.4 billion, and a substantial jump from 2015, when the company spent an estimated $4.9 billion on content.
But this latest investment, if accurately reported, will put the company in a much better position to compete with the likes of Netflix and HBO.
This week saw Netflix snag Shonda Rhimes out of the hands of ABC in what is one of the biggest coups in recent entertainment history. Rival streaming content producers also spend a lot on creating their own programming.
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Hulu has also been increasing its original content output. A move which should further the massive success that Netflix has had with its original shows.
Meanwhile, Amazon has been making waves with its service.
It's unclear if Apple is planning to launch an entirely new service to replace its somewhat outdated buy-'em-individually iTunes Store or if it will become a part of Apple Music, which is now testing the waters with an exclusive season of James Corden's Carpool Karaoke. Although Apple has not given an updated figure for the number of the iTunes accounts since 2014, CEO Tim Cook did specify that year Apple had about 800 million iTunes accounts.
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