Apple ramped up its investment in original podcast content by signing an agreement with Pulitzer Prize-winning production company Futuro Studios, Bloomberg reports.
The agreement states that Apple will fund the development and production of the podcast, and then have the first option to turn it into a movie or TV show for Apple TV+.
Apple has increased its podcast production over the past two years, spawning some of its original TV and movie content, such as the For All Mankind podcast, but is also seeking to purchase original podcasts that can link to future TV+ shows. .
Apple has discussed similar arrangements with other podcast production studios and has spent up to $10 million on payment so far, according to Bloomberg. Apple has already funded a few popular podcasts, including the true crime series “Hooked” and “The Line,” with many of them linked in some way to their TV shows.
Apple is said to be using its podcast investment strategy as a relatively risk-free way to gauge interest in the material to determine if it can become the basis for a video series. This approach means that Apple avoids having to spend potentially more money to acquire the rights to an established audio broadcast in order to convert it to original video programming.
Apple’s low-profile plans contrast with Spotify’s high-spending strategy to acquire already popular podcasts and make them exclusive to the streaming service. Spotify has made inroads into the podcast market over the past few years, boosting original podcast shows and gaining major deals, as well as scoring major deals like the rights to popular podcasting the Joe Rogan Experience.
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