Apple is expected to announce Monday that it is launching a video service that could compete with Netflix, Amazon and cable TV itself.
It’s a long-awaited attempt from the iPhone maker, several years after Netflix turned “binge watching” into a worldwide phenomenon.
The new video service is expected to have original TV shows and movies that reportedly cost Apple more than $1 billion U.S., far less than Netflix and HBO spend every year.
Also expected is a subscription service consisting of news, entertainment and sports bundled from newspapers and magazines.
On the markets, the TSX tumbled 155 points to close last week.