This is a huge development, for a simple reason: Apple has a LOT of money - about $250 billion in cash on hand, as of its latest earnings report.
These include the critically panned Planet of the Apps, an app-focused take on "Shark Tank" starring celebrity mentors Will.i.am and Jessica Alba and the delayedCarpool Karaoke, which launched this month.
The Wall Street Journal, citing unnamed people familiar with the matter, on Wednesday reported that Apple is budgeting "roughly $1 billion" over the next year for its push into original content.
Apple's original content efforts are only getting started.
Erlicht and Van Amburg have wasted no time in outlining Apple's ambition and muscle, immediately meeting with a cavalcade of Hollywood talent over the last few weeks as they look to buy up new scripts and develop ideas.
Some producers are eager to work with Apple, sensing a first-mover advantage. The market for streaming original content is a bit crowded at the moment, but if Apple can drum up a hit, it could go a long way in solidifying the company as a streaming contender.
Apple's upcoming series helmed by Dr. Dre, "Vital Signs", a semi-autobiographical scripted series about his life, is nowhere to been. This year, Netflix is expected to spend more than $6 billion on its shows.
Apple is officially open for business in Hollywood. So, we'll see a soft entrance by Apple in terms of what their competition is spending.
Apple's move into original programming is part of a broader shift in the industry.
Recently even Facebook had shown an inclination towards producing original content.
eMarketer projects Amazon's video service will have 85.3 million viewers this year.
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