During today's financial conference call Apple's CEO Tim Cook hinted at a forthcoming entertainment offering — but stopped short of saying exactly what the technology giant, with nearly $250 billion in cash on its balance sheets, has planned.
Apple CEO hinted broadly at a television offering, noting several 'key catalysts' reshaping the entertainment industry. He said cord-cutting is accelerating 'at a much faster rate than widely thought,' Apple's own streaming device, the Apple TV, is selling at brisk double-digit growth, and third-party video subscriptions are gaining popularity.
Deadline's report further noted that Cook added that 'All the things, all the forcing functions here from the outside, all point to dramatic changes speeding up in the content industry. And so we're really happy to be working on something — but just not ready to talk about it in depth today."'
Yesterday Patently Apple posted a report titled "Walmart Exploring the Subscription Video-Streaming Service Business to take on Amazon's Prime, Netflix and others." With another heavy weight getting in the video streaming business, Apple has to get in the game sooner rather than later. With Apple's CEO openng up about their coming service in their conference call today is a good sign that their project is on course.
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