Today, Tim Cook, the Chief Executive Officer of Apple Inc, said that Far from being considered as a Netflix Inc killer, Apple envisions its forthcoming Apple TV+ streaming service as one that could be able to exist alongside other services that viewers buy.
Last March, Apple said that it will be launching a streaming service that has original content from big names such as Steven Spielberg and Oprah Winfrey. It also disclosed that it is planning to spend approximately $2 billion on programming, however, it has not said how much the service will cost.
Investors are already keeping a close eye on the television efforts of Apple since subscription services are an increasingly important part of its financial results as the sales of the iPhone started to decline.
Apple is entering an already-crowded field, including the $6.99 per month service of Walt Disney Co that is set to launch this fall. At the other end of the price spectrum, this month, Alphabet Inc’s YouTube said that it was increasing the price of its YouTube TV online service, a cable-like bundle that has over 70 channels, to $49.99 per month.
On a conference call with investors today, the Apple CEO indicated that the tech giant will not attempt to give the viewers everything they want.
During a call today, Cook told investors: “There’s a huge move from the cable bundle to over-the-top.” He was referring to streaming television services that are delivered over the internet instead of traditional cable service.
He added: “We think that most users are going to get multiple over-the-top products, and we’re going to do our best to convince them that the Apple TV+ product should be one of them.”