Apple’s deal with Hollywood legend Steven Spielberg
Apple (AAPL) is serious about original content—a space that is getting increasingly crowded. Earlier this year, Apple said it will be spending a whopping $1 billion on original content over the next couple of years. Apple also hired two TV veterans, Zack Van Amburg and Jamie Erlicht from Sony, a few months back. Amburg and Erlicht have helped produce hit shows like Breaking Bad.
Now, the tech giant is roping in Hollywood legend Steven Spielberg. According to the Wall Street Journal, Apple has penned a deal with Steven Spielberg’s Amblin Television and Universal Television to revive his Amazing Stories show, which ran on NBC in the 1980s.
Original content is already seeing fierce competition
Amblin Television and Universal Television are units of Comcast (CMCSA). According to the Wall Street Journal, there will be ten episodes of the show, with a budget of $5 million per show. However, we don’t know yet whether Amazing Stories, or any other upcoming shows, will be used as a part of a subscription service.
What is sure is that Apple has a long way to go before it can compete with Netflix (NFLX), Amazon.com (AMZN) and Hulu in original content. Netflix has earmarked a whopping $7 billion for original content now that Walt Disney (DIS) will no longer be streaming its shows via Netflix in 2019.