The Wall Street Journal cites “people familiar with the matter” who claim that Apple is looking to develop an original television show and movie arm.
California-based Apple has allegedly been in talks with several big-name Hollywood producers about buying rights to scripted television programs.
The insiders said that the new service would be available to subscribers of Apple’s music streaming service, which has so far struggled to keep up with its main rival Spotify.
Apple Music already offers a few documentaries to customers, but this move would make the firm a much bigger player in Hollywood, and would help to offset the declining sales of its iPhones and iPads.
As well as original television series, there are rumours that Apple is planning to make its own original movies, although these ideas are thought to be at a less advanced stage.
If Apple does indeed embark on this new path, it would likely be a transformative period for the company and for Hollywood.
Shares in Apple were down 1%, or US$1.40, to US$11.45 in early trading.
Story by ProactiveInvestors