In order to increase its investment on original podcasts, Apple Inc. negotiated a contract with a Pulitzer Prize-winning studio and is already in negotiations with other businesses about additional agreements.
The creator of the iPhone wants to offer original content to its Podcasts app in the hopes that it can someday become programmes on its Apple TV+ service. According to those acquainted with the issue, the transaction — a contract with Futuro Studios, the company behind the criminal-justice series “Suave” — will finance the creation and production of podcasts. In return, Apple will be given the first opportunity to adapt any podcast into a movie or television programme.
According to the people, who requested anonymity because the conversations are confidential, the corporation has explored similar agreements with other studios and has already spent up to $10 million on the drive. Podcasts from At Will Media, Campside Media, Jigsaw Productions, and Pineapple Street Studios have previously been announced by Apple.
Instead of its podcast section, Apple’s TV studio has taken the lead in the spending. Despite being one of the largest audio distributors in the world, the company’s podcasting division has refrained from investing in specific shows or purchasing networks in order to maintain its reputation as an impartial platform.
Apple has already provided funding for Campside’s Hooked, a nine-part television series about an engineer who becomes a bank robber, and Jigsaw’s The Line, an award-winning podcast about Navy SEAL Eddie Gallagher. The majority of Apple’s internal podcasts have some connection to its TV programmes. The Problem With Jon Stewart and For All Mankind have companion podcasts, among others.
None of the audio shows currently have advertising, and their main purpose has been to promote a video series or test listener interest.
The 2019-released Apple TV+ service has also adapted shows from previously released podcasts. Paul Rudd and Will Ferrell starred in a series adaptation of The Shrink Next Door. Starring Jared Leto and Anne Hathaway, WeCrashed is based on the WeWork Inc. story. Both podcasts were first created by Wondery, which is now a subsidiary of Amazon.com Inc.
Compared to Amazon and Spotify Technology SA, which have each invested more than $1 billion in acquiring businesses and programming, Apple hasn’t invested nearly as much money on original podcasts. Some of the most well-known podcasts in the world have been rendered exclusive to Spotify, Apple’s music streaming rival, rendering them unavailable to the competition.
Although Apple isn’t adopting that strategy, the company’s entry into the sector is a positive development for podcast creators looking for finance. Investments in radio shows have started to decline recently as other businesses have tightened their spending limits. As their ad growth slows and their stock values fall, radio networks like IHeartMedia Inc. and Audacy Inc., which have been significant financiers of original audio, have scaled back.
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