Apple has reportedly signed a deal with podcast producer Futuro Studios to fund the development and production of future podcasts. Bloomberg reports. In exchange for its Futuro deal, Apple gets the first refusal of the rights to turn the resulting podcasts into a movie or TV show. It has already produced TV shows based on the podcasts WeCrashed and The shrinkage next door.
Long-standing podcasts have emerged as a rich source of inspiration for TV shows at a time when streaming services are more desperate than ever for original content. hulus the drop out was based on an ABC News podcast of the same name, and the streaming service also reportedly fits the podcast Wind of change in a TV show.
Apple has publicly announced podcasts with several studios in recent months, including At Will Media (for Wild Things: Siegfried & Roy), camping media (Run, Bambi, Run), Jigsaw Productions (The line), and Pineapple Street Studios (Project Unabom), in a series of deals that have reportedly spent up to $10 million.
Apple’s podcasting deals have been led by the Apple TV division, while the actual podcasting unit has reportedly avoided investing in specific titles in order to appear as a “neutral platform.” Apple and Futuro declined to comment on Bloomberg on her report, and did not immediately respond to The edge‘s request for comment.
Despite rolling out support for podcast subscriptions last year, Apple’s existing audio releases suggest the priority is less on monetizing its shows directly. Instead, it appears to be using them to benefit other parts of its business, either as a source for future TV and movie adaptations or, in the case of companion podcasts for The problem with Jon Stewart and For all mankindto use them as promotional tie-ins.
Competitor Spotify’s investment in The Joe Rogan Experience podcast involved making the show exclusive to its platform in an effort to lure new listeners to Spotify. Amazon has also signed deals for podcasts, including: My favorite murder and How I built this involving exclusivity windows.
