Apple’s CEO Tim Cook has recently indicated what is pushing the iPhone maker to establishing more original content.
Cook said in a call with analysts this week during the company’s third quarter report, “The cord cutting in our view is only going to accelerate and probably accelerate at a much faster rate than is widely thought.”
According to Cook, Apple’s Apple TV units and revenue had seen strong growth in the past quarter and that the company also saw more third-party providers using Apple TV as their go-to market device for their services. Cook said the growth was a year over year rate of roughly 100%.
For the third quarter, Apple revealed earnings per share of $2.34 on revenue of $53.3 billion.
The company has signed deals with names like Oprah Winfrey and Steven Spielberg’s Amblin Television since last fall as it pushes to spend $1 billion on acquiring 10 TV shows.
Last October Apple had hired broadcasting executive Jay Hunt. “We hired two highly-respected television executives last year and they have been here now for several months and have been working on a project that we’re not really ready to share all the details of it yet, but I couldn’t be more excited about what’s going on there,” Cook explained.
He added, “And we’ve got great talent in the area that we’ve sourced from different places and feel really good about what we will eventually offer.”
Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.