Apple has reportedly targeted $1 billion in spending for original television series and films over the next year according to The Wall Street Journal. The move sees the company trying to establish itself as a buyer of premium entertainment
The announcement follows on from the hiring of long time Sony Pictures Television presidents Zack Van Amburg and Jamie Erlicht to build a slate of content.
Apple has more than $261 billion in cash and equivalents at the end of its 2017 fiscal year so can easily cover the cost.
Apple’s spending is tiny in comparison to the two giants of the streaming space – Netflix and Amazon. Netflix reportedly plans to spend $7 billion on content in 2017, while Amazon’s spending on Prime Video programming comes in at around $4.5 billion.
