Apple earmarks $1bn to spend on original video content  
Apple has earmarked $1bn to buy or create original video content over the next 12 months, according to the Wall Street Journal, citing people familiar with the matter. The funding could support up to 10 shows, as Apple attempts to compete with video-streaming services such as Amazon, Netflix and HBO. The content could be offered on Apple Music or a new service entirely dedicated to video, the people said. While Apple's $1bn is around half of HBO's and a fraction of Netflix anticipated $6bn spend this year, it is suggested Apple could easily increase its budget.
Apple dipped a toe into TV. Now it's preparing to do a cannonball.

Apple has set aside $1 billion for original video over the next year, according to the Wall Street Journal. The money would go to as many as 10 different shows in an attempt to put Apple on the map alongside Netflix, Amazon, HBO, and many other companies that are making high-end internet-delivered video.

Just where those shows would appear is not immediately clear, as Apple doesn't have a dedicated video platform... yet. The two original shows it has made so far ("Planet of the Apps" and "Carpool Karaoke") were in Apple Music.

What is clear is Apple's growing ambition to create original content, signaling a new era for the hardware-focused company. Apple still derives the vast bulk of its revenue from iPhone sales, with a growing chunk coming from the apps on its devices.

Apple's presence in livings rooms has also grown thanks to the success of its Apple TV box, which streams video over the internet.

Apple's $1 billion is a huge step toward competing with other tech and media giants, but only about half as much as HBO spent last year, the Journal noted. Netflix will spend around $7 billion on content in 2018.