Apple explores move into original programming business - Variety.

REUTERS/Mike Segar.

(Reuters) - Apple Inc is looking to move into the original programming business to compete with video streaming companies such as Netflix Inc, Variety reported on Monday.

Apple, which aims to begin offering the service next year, has held preliminary talks with executives from Hollywood in recent weeks to gauge their interest in producing entertainment content, Variety reported, citing sources. (http://bit.ly/1Q4MW59)

Apple spokesman Tom Neumayr declined to comment.

Such a move could mean increased competition for Netflix and Amazon.com Inc's Prime Video streaming service.

Netflix shares fell more than 8 percent to $105.74 on Tuesday.

Amazon shares declined 2.2 percent to $501.64, while Apple shares fell 2.4 percent to $111.05 amid a sharp fall in the broader market.


Full story at Yahoo News.
(Reporting by Kshitiz Goliya, Lehar Maan and Anya George Tharakan in Bengaluru; Editing by Sayantani Ghosh)