This was confirmed by the company CEO Reed Hastings.
Deloitte says that the average U.S. consumer is now subscribed to three streaming video services, suggesting that the stakes among all the rival players should be which ones can successfully position themselves as must-haves. That's in addition to the original programming that we know Apple has been working hard to develop for their subscribers. The content leader "shrugged" when answering a question regarding this impact, with Sarandos saying Apple was not an important revenue source for the company.
Netflix, however, won't be a part of this as it wants people to watch its shows on its own platform.
"We've always had massive competitors", Hastings added.
According to a recent projection by Boston Consulting Group (BCG), the market of video streaming services in India will hit the milestone of $4.5 to 5 billion (roughly Rs. 30,900 to 34,370 crores) by 2023.
"These are awesome, large, well-funded companies ... but you do your best job when you have great competitors". Netflix is not a part of Apple's existing TV app, plus recently, subscribing to Netflix billing with your iTunes account was axed back in December. These are awesome, large, well-funded companies with very significant efforts.
Neither Netflix nor Apple immediately responded to requests for comment.
Apple will announce the streaming initiative alongside other new products, including a magazine subscription bundle, at the event in Cupertino, California.
Apple's new TV venture will offer customers Apple's original TV shows much like Netflix originals.
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