New York (CNN Business)Apple badly needs something to sell other than the iPhone. How badly? It just made its splashiest, most star-studded announcement ever and didn’t bring up the iPhone.
Tim Cook & Co. are getting into show business. Big-name celebrities, including Steven Spielberg and Oprah Winfrey, headlined the company’s much-anticipated entrance into the video-streaming market Monday. Apple (AAPL) will produce its own films and TV shows for a subscription service accessible on Apple devices and other streaming gadgets, including Roku (ROKU). The service will be available this fall, but Apple didn’t say how much it will cost.
It’s among the boldest and most daring bets in the company’s history. The costs of making its Apple TV+ streaming service a success will be enormous. And there’s a ton of deeply entrenched competition out there.
