Bloomberg says Apple is purchasing older movies and television shows for its Apple TV+ streaming service in an effort to better compete with the huge libraries offered by competitors like Netflix, Disney+, and Hulu.
The company’s video-programming executives have taken pitches from Hollywood studios about licensing older content for TV+ and have bought some shows and movies, according to people familiar with the matter.
The report indicates Apple plans to stay focused on original content for Apple TV+ and hasn’t purchased any big franchises or blockbusters for its back catalog. However, if true, the move acknowledges the value of a mixture of old and new content to keep viewers coming back for more.
Apple TV+ currently has fewer than 30 original shows and movies available, while competitor Netflix has thousands of titles to choose from. However, it should be noted that at $4.99 per month, Apple TV+ costs half the price of a monthly Netflix fee.
Apple has so far attempted to offer a fix for viewers in search of older shows and movies by offering its Apple TV Channels service, which offers access to the likes of HBO, Showtime, EPIX, and other streaming services.
Bloomberg says that its sources say that while about 10 million people had signed up for Apple TV+ by February, only about half that number actively used the service.