Apple TV+ set to compete with Netflix and Amazon Prime Video

Apple is launching a streaming service along the lines of Netflix and Amazon Prime Video soon. The Apple TV+ service is expected to launch at the price of $9.99 in November this year, once the free trial ends.

The company is expected to spend $60 billion on the platform by 2020, according to the Financial Times. The project is headed by movie industry veterans Jamie Erlicht and Zack Van Amburg, both of whom have previously worked with Sony Pictures. The platform will compete with another new platform – Disney Plus, which is expected to be on the same level as Netflix.

Apple has a goal to reach $50 billion in total sales by the first year. It is reportedly spending millions of dollars only on one show – "The Morning Show" starring Jennifer Aniston, Reese Witherspoon and Steve Carell. The show is expected to cost $15 million per episode.

Other major shows that will be in Apple TV+ include the reboot of Steven Spielberg's "Amazing Stories," a "Sesame Street" based series called "Helpsters," which will teach children to code, and a series from the makers of "It's Always Sunny In Philadelphia."

The Apple TV+ is part of the company's efforts to diversify its offerings since smartphone sales are dropping due to weak economies and saturated markets. Chances are, this service will cost much more than others – Amazon Prime Video is free with a Prime membership, Disney Plus is expected to be offered at $7 and a Netflix membership starts at $9.

While Apple has yet to confirm anything about the TV+ service, it is definitely a late player into a streaming market that is already saturated. Early upstarts such as Netflix have not only cashed in on the novelty factor of providing users a streaming service bereft of TV, they have also created regional audiences throughout the world.

Apple TV+ is stepping into a world that already has not just Netflix and Amazon Prime Video, but even regional services in many countries. It will have to offer something unique and attractive to create its consumer base.