Apple Plans to Spend $500 Million to Promote Apple TV+ and Bolster Content with the goal of one new Show or Movie per Week
A new report this morning notes that "When Apple launched its Apple TV+ service nearly two years ago, executives throughout Hollywood and Silicon Valley snickered about the streaming video service. This dilettante—which knew everything about making phones and nothing about making movies and television—would surely lose interest in the business before long, they wagged.
It turns out the opposite is true. Next year, Apple intends to significantly up its output of new TV shows and movies to at least one a week, according to a person familiar with the matter, more than double its pace this year.
It also plans to spend more than $500 million on marketing Apple TV+ this year.
Apple's move to splurge on content and marketing comes as it tries to fiercely compete with established players, including Netflix, Disney+ and Prime Video.
And while Apple TV+ still lags far behind these much bigger streaming services its subscriber numbers are respectable, even more so considering how deeply the pandemic disrupted the production of shows and movies last year. For more on this read The Information's latest report (behind a paywall).
Apple TV+ just got off the ground when COVID-19 hit the world and threw off Apple's ability to gain traction with it's new streaming service. Content is slowly coming back and Apple's commitment to double down on the new service should make it a serious contender over the next few years. The pace of Apple TV+ announcements for new content being signed up and in development has really picked up in the last few months as you could see this progress in our Apple TV+ Archive.