Two new reports surrounding the Apple TV+ have provided more details about Apple’s upcoming streaming service. A Financial Times report claims that Apple has spent over $6 billion on original TV shows and movies for Apple TV+.
This is far higher than its original budget of $1 billion which was initially set. However, in a bid to keep up with the likes of Netflix and Disney+, Apple has had to overshoot its budget.
Additionally, another report claims that Apple TV+ will carry a monthly subscription fee of $9.99. Apple will also offer a free trial for the service, though the length of the trial is unclear.
That monthly fees will make Apple TV+ more expensive than Disney+ but its in line with the monthly subscription fee of Netflix, Hulu, HBO Go, and others.
The company has been spending hundreds of millions of dollars on “The Morning Show” alone which stars Jennifer Aniston, Reese Witherspoon, and Steve Carell. As per the report, each episode of the show has cost Apple more than $15 million. This is even higher than “Game of Thrones” which reportedly cost $15 million per episode in the final season.
Starring Jason Mamoa, “See” — a science fiction drama — also has a similar budget of $15 million per episode.
Despite spending some big bucks, Apple’s yearly spending on content is still lower than Netflix. The latter is expected to spend $15 billion on content this year. However, to secure better deals, Apple has a more generous payment term in which it is paying earlier in the production process as specified milestones are hit.
While the Financial Times report claims that Apple TV+ will launch “within the next two months”, Bloomberg report says it will launch in November.
The Bloomberg report sheds more details on Apple’s content strategy for Apple TV+ as well. The company is nulling following different release strategies for its shows. For some of its shows, it is considering releasing the first three episodes followed by a new episode every week. Netflix, in comparison, releases entire episodes of a show’s season on the same day at once.
Initially, Apple TV+ will launch with the following original shows from Apple:
Apple’s initial slate of shows will include “The Morning Show,” Steven Spielberg’s “Amazing Stories,” “See” with Jason Momoa, “Truth Be Told” with Octavia Spencer, and a documentary series about extravagant houses called “Home.”
That’s not really an expansive library which is why Apple is looking to license content from other production houses to offer an expansive content library when the Apple TV+ launches.[Via Financial Times, ]