Apple takes aim at Netflix with TV and news service

By TechnologyFOXBusiness

Apple to take on Netflix?

Disruptive Tech Research's Lou Basenese on Apple's upcoming announcement and reports the tech giant will take on Netflix.

Apple is expected on Monday to announce the biggest shift the company has made in more than a decade.

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Apple CEO Tim Cook plans to announce video-and news-subscription services that could open a new annual revenue stream that will deepen ties between iPhone users and the company.

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Apple is taking aim at content that will be accessed over its devices.

Apps and services, from Spotify to Netflix have become favorites of users.

Apple reported its first decline in revenue and profit for a holiday quarter in over a decade.

By contrast, revenue from the services business grew 33 percent to nearly $40 billion—accounting for about 15 percent of the company’s total of $265.6 billion.

Apple’s intension is to have its video become an alternative to cable, combining original series with shows from other networks to create a new entertainment service.

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Apple has used a $1 billion budget to buy dozens of original TV shows in hopes it can land a breakout hit, according to the Wall Street Journal.

Apple declined to comment to the Journal.

Fees for the service have yet to be announced.