Analyst: Apple will spend $4.2 billion annually on original video content by 2022

Apple will $4.2 billion per year on original video content by 2022, according to a report by Loup Ventures analyst Gene Munster.

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If he’s right, that will be a major increase on the $1 billion that the tech giant will purportedly spend in 2018, although the amount is still smaller than Netflix and Amazon’s video budgets. Munster predicts that, by 2022, Amazon will be spending the most on original content of any tech giants, with a budget of $8.3 billion, compared to Netflix’s $6.8 billion. He also says that Apple will rebrand Apple Music in the next 2-3 years to reflect its broader scope that will extend beyond music.

The Wall Street Journal reported in August that Apple has set a budget of roughly $1 billion to procure and produce original content over the next year, and could acquire and produce as many as 10 television shows. The $1 billion budget will be in the hands of Hollywood veterans Jamie Erlicht and Zack Van Amburg, two former TV execs who joined the company in June newly created positions overseeing all aspects of video programming, the article adds. They join Apple from Sony Pictures Television.