Business

Apple To Invest $1 Billion In Original Shows And Movies, Following In Amazon’s Footsteps

(Photo: ADRIAN SANCHEZ-GONZALEZ/AFP/Getty Images)

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Eric Lieberman Deputy Editor

Apple is allotting roughly $1 billion to acquire and create original shows and movies in the near future, according a Wall Street Journal report published Wednesday.

The tech conglomerate may reportedly produce up to 10 television shows in part of larger endeavor spearheaded by Vice President Eddy Cue to offer such content on Apple’s music-streaming service, or a distinct video-focused system. Such work would accompany its established, but dipping video business — renting or purchasing movies and television shows through its iTunes platform.

The business maneuver is a clear sign that the company wants to compete with other tech companies already succeeding in the entertainment industry, or just starting to penetrate the industry.

Amazon, for example, has created a number of original shows available to Prime members, like “Goliath,” which starred Billy Bob Thornton, winner of the Golden Globe Award for Best Actor in January, 2017. It’s sponsored content received seven nominations at the Academy Awards, ultimately earning three Oscar awards in the process. (RELATED: Amazon Is Getting So Powerful, It’s Now Essentially A Film Studio)

Facebook also appears ready to launch its first shows, after original reports said they would be ready by June. The social media network has allegedly partnered with several media companies to explore the prospect of producing both low-budget shorts and larger film projects.

By encroaching into Hollywood, which already has big name players, companies like Amazon, Facebook and Apple seem to be trying weaves themselves into as many industries as possible.

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