Apple has reportedly signed a deal with podcast producer Futuro Studios to help fund the development and production of future podcasts, Bloomberg reports. In exchange for its deal with Futuro, Apple gets first refusal on the rights to turn any podcasts it receives into a movie or TV show. He has already produced television shows based on the podcasts WeCrashed and The Shrink Next Door.
Long-running podcasts have become a rich source of inspiration for TV shows at a time when streaming services are more desperate than ever for original content. on Hulu Dropping out is based on an ABC News podcast of the same name, and the streaming service is also reportedly adapting the podcast Wind of change in a TV show.
Apple has gone public with podcasts with several studios in recent months, including At Will Media (for Wild Things: Siegfried and Roy), Campside Media (Run, Bambi, run), Jigsaw Productions (The line) and Pineapple Street Studios (Project Unabom), in a series of deals that reportedly spent up to $10 million.
Apple’s podcasting deals are led by its Apple TV division, while its actual podcasting unit has avoided investing in specific titles to appear “platform neutral.” Apple and Futuro declined to comment Bloomberg about his report and did not immediately respond On the edgerequest for comment.
Despite introducing support for podcast subscriptions last year, Apple’s existing audio releases suggest its priorities are less about 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 film adaptations or, in the case of companion podcasts for The Jon Stewart problem and For all mankindto use them as promotional links.
In contrast, rival Spotify’s investment in The Joe Rogan Experience podcast included making the show exclusive to its platform in an effort to attract new listeners to Spotify. Amazon has also signed podcast deals including My favorite murder and How I built this which include exclusive windows.