In a wide-ranging interview, Apple CEO Tim Cook was forthcoming about the tech giant's push into television and movies, while also revealing the company's music service subscriber numbers.
Cook, who appeared on Bloomberg Television on The David Rubenstein Show: Peer-to-Peer Conversations, said Apple Music has more than 50 million usersbetween paid members and trials, according to AppleInsider.
Cook said looking at the company's growth numbers, Apple could have about 60 million paid subscribers before the holiday season – three years after the service was launch.
In contrast, Spotify, who had an eight year head start on Apple, currently has 75 million premium subscribers and if it maintains consistent growth, that number will rise to about 90 million by the start of the holiday season.
While Apple's push into video content isn't a secret, the interview was the first time Cook had directly addressed the subject.
While Apple's US$1b figure is well behind the spending of the likes of Netflix and HBO, Gene Munster, a longtime Apple watcher and managing partner with research and venture capital firm Loup Ventures, told the Daily Mail that if successful, Apple could be investing US$10b a year in the next five years.
"In five years, I bet Apple will either be investing US$10b a year in content or zero. It's going to be one or the other," Munster said.
Last year Netflix spent US$6b on content, while HBO spent US$2b, according to the New York Times.
According to AppleInsider, Apple has been increasing its content acquisition considerably in the last five months and there has already been deals to produce 12 projects.
Notable deals include an animated musical series from the creator of Bob's Burgers, and a revival of Amblin Television's sci-fi series Amazing Stories.
