Apple will $4.2 billion per year on original video content by 2022, according to a recent report, citing Loup Ventures analyst Gene Munster.
The sum is a massive increase on the rumored $1 billion “war chest” that Apple will spend in 2018, although it will still trail behind Netflix and Amazon when it comes to their respective video budgets.
The report claims that, by 2022, Amazon will be spending the most on original content of any tech giants, with a budget of $8.3 billion, next to Netflix’s $6.8 billion.
Interestingly, Munster’s report suggests that Apple plans to carry out a rebranding of Apple Music in the next 2-3 years to reflect its broader scope, which doesn’t just extend to music. The Apple Music brand was launched in June 2015, with Apple Music branding replacing iTunes in a lot of Apple’s marketing (although iTunes has continued to live on in the meantime.)
So far, a lot of Apple’s original content has been broadly music-related in subject matter, whether it’s the Carpool Karaoke series or original music-themed documentaries, either produced by Apple or acquired by the company following film festival premieres.
It seems that Apple is looking beyond the music world, however, in a way that will allow it to compete more directly with the shows and movies made by companies like Netflix, Amazon, and others such as Hulu.
Apple’s greenlit original programming so far includes an Amazing Stories reboot from Steven Spielberg, and a news-business comedy starring Jennifer Aniston and Reese Witherspoon. No dates have been announced for when these will debut on Apple Music.
Source: Variety
