Media giant Netflix shouldn't be too worried about Apple's new streaming service, which is expected to be announced on Monday, closely followed analyst Mark Mahaney told CNBC.
"We think that can be reason by itself to buy stock in the short term," Mahaney said of the show, which has earned more than 30 Emmy nominations since its debut in 2016. The streaming giant"can economically outspend anyone else," he said. This year the company is reportedly spending nearly $7 billion in cash to expand original content, while Disney is expected to spend around $1 billion on original content.
That doesn't mean there won't be competition. CNBC previously reported that Apple's service is expected to give iPhone and iPad users access to free original content as well as subscription channels.
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