Apple’s biggest mistake in the last decade was not buying Netflix, according to Wedbush analyst Dan Ives.
In an interview with Yahoo Finance, Ives says acquiring the streaming giant years ago would have put the company in a much better position than rivals like Disney +, Peacock and Amazon Prime Video.
“In my opinion, the biggest strategic mistake of Jobs and Cook in the last 10 to 12 years is not the acquisition of Netflix a few years ago,” Ives told Yahoo Finance Live, referring to the late founder and former CEO, Steve Jobs and the current CEO Tim Cook.
Although Apple has resisted such a move, Ives believes the company must buy a studio to compete.
“We talked about MGM, Lionsgate, A24, otherwise it will still somehow look outside,” Ives said. “And that’s why I think this is going to be something they’re going to be forced into … because it’s all about the content.”
The analyst believes that resisting such a move will still make the Apple TV + library work little compared to other streaming services.
“It’s a problem when it comes to this arms race that we see especially with Disney and, of course, Netflix at the top of the crowd,” he said.
Apple has achieved some success so far with Apple TV +. Many of his shows and films have been nominated for awards. In early February, it was revealed that the streaming service had received 11 nominations for the 52nd NAACP Image Awards.
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