Apple shares slide as stars announce streaming service

A whole host of Hollywood A-listers - including Oprah Winfrey, Jennifer Aniston and Steven Spielberg - joined Apple chief executive Tim Cook to announce the tech giant's new video streaming Service.

Apple TV + will feature original content to rival the likes of the high-budget productions found exclusively on Netflix and Amazon Prime.

Speaking at the launch in California, Mr Cook said Apple had partnered with "creative visionaries" for the new Service, which saw Apple shares fall by almost 2% and Netflix shares rise as it was unveiled on Monday.

Among the latest announcements were an Apple-aims-to-take-a-bite-out-of-credit-card-market-11675096">Apple credit card called Apple Card, Apple News + featuring magazines, and a gaming subscription Service called Apple Arcade.

Image:Steve Carell, Reese Witherspoon and Jennifer Aniston are to star in The Morning Show

Leaving the hotly-anticipated streaming Service to the end of the event, the audience was told to expect "a new Service dedicated to the best stories ever told".

Spielberg appeared on stage and talked about sharing a "whole new batch of amazing stories" with Apple users.

"I'm so grateful to be here today," said the Jurassic Park director. "This is my first time at Apple, the place where imagination and technology join forces."

Image:Spielberg talked about sharing a 'whole new batch of amazing stories' with users

Among projects announced were:

:: Steven Spielberg's Amazing Stories
::The Morning Show - starring Jennifer Reese Witherspoon and Steve Carell - which looks at the "power dynamics between men and women in morning news shows"
:: Sci-fi drama See featuring Jason Momoa and Alfre Woodard
:: Little America, a show focusing on the immigrant experience starring Kumail Nanjiani
:: Series from JJ Abrams and Sara Bareilles called Little Voice
:: Sesame Street spin-off called Helpsters - a children's show about coding
:: Two Oprah Winfrey documentaries. One focuses on the toll of sexual harassment and is called Toxic Labour. The other unnamed piece explores mental health.
:: An Oprah Winfrey "book club" with various authors

Oprah said it was a "a major opportunity to make a genuine impact".

She said it was a chance to "connect with people around the world" and said she wanted to present "meaningful ways to create positive change" and "illuminate consciousness".

The streaming platform is set to launch in more than 100 countries in the autumn and the new shows will be available within the existing Apple TV app. However, the subscription price is yet to be announced.

Image:Oprah will host a 'book club' and two documentaries

Users will still be able to access content from other channels and providers, including HBO and Amazon Prime.

It follows a week of product news from the company, including new AirPods, a new iMac and a new iPad, and comes as sales of iPhones - particularly Apple's more expensive devices - are slowing around the world.

Apple TV + marks a shift in strategy, with a focus more on Services instead of relying on hardware sales.

Its last quarterly results showed revenue from its Services business increased by 19% to $10.9bn (£8.3bn) year-on-year.

Apple will be hoping to make its mark in the same way Apple Music has with it gaining more than 50 million subscribers since its launch in 2015, closing in on market leader Spotify.