Apple has launched a price war on Netflix and Disney by providing a new video streaming service which costs around £4.99 per month, in order to reduce its reliance on sales and marketing devices. This announcement was made immediately after the launch of the iPhone 11 on Tuesday. The iPhone makers seek to reposition themselves in the global market, especially in the field of video streaming and get back its hold on flagship products.
The firm is ready to launch a brand new TV+ subscription that will be available from the 1st of November in more than 100 countries including the US, the UK, India, China, and Japan. The subscription charges are significantly cheaper than the cost of Netflix and other video streaming apps, it can be split between six family members, and the approximate cost is £5.99 in the UK and $8.99 in the US.
Apple chief executive Tim Cook stated that “The reaction to these trailers has been incredible.” Apple Inc. is also offeringa one year free TV service subscription for people who buy a new iPhone 11. With this move, the share price of Netflix and Disney dropped drastically. It is reported that the share price of Netflix fell 3.3pc, while Disney, streaming service price dropped by 2.3pc.
This new strategy by Apple is creating a sensation in the field of video streaming, and also the firm is focusing on other sectors which include TV app, new gaming app, and Apple Music.