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"Apple is five years behind where Netflix is at," Loup Ventures Managing Director Gene Munster Munster explained to FOX Business' Stuart Varney on Thursday. "But they still have a huge opportunity here... they have this trust and 'high-quality' aspect around their brand."
Munster added that Apple's distribution numbers dwarf Netflix's reach. Apple has 1.4 billion devices that are active around the world compared to Netflix's 150 million subscribers.
"They did this exact same thing when they were late to the game in streaming music and they quickly caught up to Spotify," Munster said.
However Munster said although some streaming services have higher subscriber counts than others, no clear leader will emerge amongst the field.
"If you look at just the raw number of users, Apple has just as good of an opportunity to be a leader as Netflix. It's going to be one of those two," he said.