On Wednesday, those stocks barely budged.
The $1 billion budget signals how serious Apple is about boosting its original programming, the newest of which lives on its Apple Music subscription service. "But in Netflix's case estimates compiled by Business Insider, combined with statements by the company, suggest that up to 25% of its $6 billion total content budget goes toward original programming", Verna added. Reporting to Eddy Cue, Apple's senior VP of Internet software and services, Erlicht and Van Amburg - responsible for runaway hits Breaking Bad and its spinoff Better Call Saul - are slated to take over programming responsibilities from the Apple Music team. That investment trails what would seem to be its two closest competitors in Netflix and Amazon Prime Video.
In June, Apple picked up two Sony TV execs to help with the original programming initiative.
The Journal's sources reckon that Apple could produce as many as 10 TV shows with that money.
They are also expected to be joined by Matt Cherniss, who was the former president and general manager of WGN America. The shows will likely air on one of Apple's existing platforms or perhaps a new, video-focused endeavor. The company could spend around $2 million per episode for comedy shows, or a drama for $5 million per episode, according to The Verge. Apple wants something as big as Game of Thrones on its books.
Producers are reportedly eager to work with Apple given what the tech giant brings to the table in terms of financial power. Reports indicate that the company could acquire or produce up to 10 television shows come next year.
During the past few years, Amazon and Netflix have both enjoyed massive success by creating their own, bespoke content for subscribers.
Apple aims to double its service business, which includes Apple Store, Apple Pay and Apple Music to $50 billion by 2020.