Apple will invest approximately $1 billion in acquiring and producing original TV shows over the next year, according to The Wall Street Journal. The investment could result in as many as 10 new shows, a source told the publication, with the iPhone-maker looking to match the high-quality output of networks like HBO.

The market for this sort of content is already crowded, and both traditional broadcasters and new media are fighting over lucrative deals for original hits. Apple previously focused on renting TV shows and movies through iTunes, but this business has been damaged by the rise of subscription services. The company’s share of the movie rental-and-sales market is estimated to have dropped from 50 per cent in 2012 to less than 35…

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