Tuesday 20 August 2019 6:19 pm

Apple reportedly hikes streaming budget as it eyes November launch date

Apple is said to be planning a November launch date for its eagerly-awaited streaming service, as it ramps up its spending on new films and TV shows.

Apple TV Plus is considering a monthly subscription fee of $9.99 (£8.25) following a free trial period, Bloomberg reported, citing people familiar with the matter.

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The launch will put the iPhone manufacturer in direct competition with streaming incumbents Netflix and Amazon Prime, while Disney Plus is also set to roll out in November.

Apple’s mooted price tag means it will be at the top end of the market, after Disney announced it will charge $7 for its service.

Separately, the Financial Times reported that Apple has committed more than $6bn to its production budget, as it looks to stand out in an increasingly crowded field.

The figure is a huge increase on the $1bn originally allotted to the project. However, it still lags behind Netflix, which is expected to spend as much as $15bn on content this year.

The launch of Apple Plus marks the tech giant’s shift to a more service-based offering, as sales of its flagship iPhone products falter.

The company has also launched a subscription news service and has made its first move into fintech with the Apple Card.

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Mark Inskip, chief executive of Kantar’s media division, said: “As Netflix’s growth stalls, the long-awaited entrance of yet another new major player on the TV subscription service scene means the streaming war is set to become even more ferocious.

“Whether it’s commissioning original content or sourcing it from elsewhere, a data-led approach will make the difference between Apple’s new service becoming streaming boom or streaming bust.”

Main image credit: Getty