Apple sets USD 1 bln budget for original content - report

Apple has compiled a budget of around USD 1 billion to acquire and produce original video content, people familiar with the matter told the Wall Street Journal. This could result in as many as 10 TV shows, which would be available on iTunes or a new dedicated video streaming service, the report said. 

The figure of USD 1 billion is equal to around half what HBO spent on content last year. Apple Senior Vice President Eddy Cue is hoping to make high-quality video similar to HBO shows such as Game of Thrones, the report said. 

Jamie Erlicht and Zack Van Amburg, hired by Apple from Sony earlier this year, will decide on the content strategy. They started working this month from Apple’s Los Angeles offices, where they are taking over programming responsibilities from the Apple Music team, the WSJ's sources said. They also hired former WGN America President Matt Cherniss to oversee development. 

Apple has already made a small foray into original video. In June it launched the show 'Planet of the Apps' on Apple Music, and the new show 'Carpool Karaoke' launched last week.