Apple Stock News: Apple is Ready to Spend $1 Billion on Original Content Production

Apple Stock News

For the latest Apple Stock News, AAPL closed at $160.95 per share on August 16th, 2017. It generated a loss of 0.40% from its previous close on August 15th, 2017, when it closed at $161.94 per share.

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Apple appears to be taking original content production very seriously. On June the company announced the hirings of Jamie Ehrlicht and Zack Van Amburg, who were top executives at Sony Television. Today, the Wall Street Journal reported that Apple has readied a $1 billion budget to ‘procure and produce’ content over the next year.

The report notes that new producers Erlicht and Van Amburg started their work in early August and have taken over video production responsibilities from the Apple Music team. The execs have already held meetings with Hollywood to find shows to acquire.

Additionally, the report says that the budget is about half what HBO spent on production last year. Apple could launch up to ten new shows, with Apple SVP Eddy Cue stating that they have ambitions to offer shows that rival Game of Thrones.

It is the first time that Apple has actually been giving priority to original content efforts. With a large budget and premiere talent leading the video programming division, it is likely that the quality of Apple’s in-development programming will be higher.

It isn’t clear yet how the new shows will be released to customers. Apple currently hosts Planet of the Apps and Carpool Karaoke on Apple Music, but it seems likely that the company will double-down on a true, dedicated, internet TV service with new initiatives.

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