Apple Inc sets aside an estimated $1 billion for Hollywood content programming

Apple Inc sets aside an estimated $1 billion for Hollywood content programming

Apple Inc sets aside an estimated $1 billion for Hollywood content programming

According to the Hollywood Reporter, Cherniss will take on the role of chief creative/head of US programming and will report directly to Jamie Erlicht and Zack Van Amburg, two former Sony Pictures Television executives Apple hired earlier this summer. The current Carpool Karaoke and Planet of the Apps have not received outstanding reviews so far.

Apple previously focused on renting TV shows and movies through iTunes, but this business has been faltering due the rise of subscription services.

Apple has compiled a budget of around United States dollars 1 billion to acquire and produce original video content, people familiar with the matter told the Wall Street Journal.

But it's late to the online programming game: Netflix, Amazon, Hulu, and HBO have well established services, and a pipeline of original offerings.

He was also executive VP of Fox Broadcasting Company, where he worked on series such as Bob's Burgers and Glee, and SVP of original programming at FX.

Let's see where Apple's decision to produce original content takes them. But even that budget is no match for potential rivals like Netflix., which has committed $6 billion for original content this year.

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The information comes from sources speaking with The Wall Street Journal, which says that it got word from people who have knowledge about the plans.

Apple's upcoming series helmed by Dr. Dre, "Vital Signs", a semi-autobiographical scripted series about his life, is nowhere to been.

Breaking into the already crowded Hollywood won't be easy and Apple's investment is about on par with the amount Amazon spent and half of Netflix's investment when it launched House of Cards and Orange is the New Black.

Apple closed 38.5% higher YTD at US$160.95.

Facebook, Snapchat, GoPro and Google's YouTube have all started investing in original shows.

Putting together original programming is expensive.

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