Apple has landed Oprah to produce shows for its streaming service
Apple (AAPL) has already made it clear that it is serious about its original content ambitions. The tech giant has already roped in Steven Spielberg to recreate Amazing Stories, and popular actresses Jennifer Aniston and Reese Witherspoon to create a drama series.
On June 15, the company announced it had signed a multiyear partnership with Oprah Winfrey to produce content for Apple’s much-awaited video-streaming service. The move is probably Apple’s biggest content push so far.
Apple is trying to be less reliant on iPhones
The company, seeing subdued growth in its core smartphone business, hopes that its Services segment will drive its next bout of growth. Apple is seeing robust growth in its App Store business, while its music streaming business, Apple Music, continues to gain traction.
When Apple does launch its streaming business, it could face heavy competition from already-established players such as Netflix (NFLX), Amazon (AMZN), and Hulu. However, it looks like Apple could have a decent content line-up, given the actors and producers the company has been roping in.
However, it could take time before Apple’s streaming service contributes significantly to its top line. In the meantime, a sluggish global smartphone market and Apple’s lofty iPhone prices could continue to affect the company’s overall growth.