Apple is going all in with the new Apple TV+, adding an extra $5 billion to its original $1 billion budget for original video content.
The additional budget, which brings their total to a whopping $6 billion, places the company in a better position to compete with the heavyweights of the streaming industry, such as Netflix, Amazon, and Hulu.
Apple Boosts Original Content Budget To $6 Billion
According to a report from Financial Times, Apple settled on a $6 billion budget as more Apple TV+ projects move through production and costs pile up.
Furthermore, analysts tell Bloomberg that Apple is expected to shell out even more in the future. They predict that the company will go on to spend over $14 billion on films and shows.
With former Sony executives Jamie Erlicht and Zack Van Amburg helming Apple TV+, the company hoped to attract famous names to direct, produce, and star in its upcoming streaming platform. Unsurprisingly, these big names come with a hefty pricetag.
Apple Taps A-List Talent
A few of the Apple TV+ projects in the works are primed to make a significant splash in the industry with well-known personalities at the helm.
One of the shows in Apple's roster is The Morning Show, which stars Jennifer Aniston, Reese Witherspoon, and Steve Carell. The show is already picked up by Apple TV+ for two seasons, which has already cost the company around $300 million, according to Bloomberg sources.
Steven Spielberg will reboot his 80s show Amazing Stories on Apple TV+ as well, while Aquaman star Jason Momoa will star in fantasy series See. Academy Award winner Octavia Spencer will executive produce and star in true-crime drama Truth Be Told.
Of course, Apple isn't alone in spending a fortune to draw in viewers, The Verge noted.
Amazon reportedly committed $150 million for HBO's Westworld creators to make something for Prime Video, while Netflix tapped Game of Thrones showrunners for more than $200 million.
Apple TV+: Debut Date, Subscription Fees
Little has been revealed about the details of Apple TV+, but Bloomberg insiders said that the company will be introducing its shows by November and slowly expand its collection over the next few months.
A free trial is likely, but Apple will ultimately charge a monthly fee for the streaming service. The company is considering charging $9.99 a month, which keeps it at the same price as Apple Music and Apple News+.
It's a pricier starting point than other streaming services with Netflix and Amazon both offering their platform for as low as $8.99. Disney+, which is expected to launch in November as well, is even more affordable at $6.99.
