Fantastic take from Seeking Alpha (free reg-wall). Just a few highlights from a much longer piece:

Apple has now grown up and realized it is not just about using content to sell devices. Eventually, those devices will stop being as profitable as they are now, but content (and the financial value of that content) lives forever.

And:

The pieces are now finally in place and Apple is steering itself into a new direction. It is showing the industry and shareholders that they have a real roadmap in place, and by next year (COVID-19 potentially notwithstanding), the company thinks it can (at a higher level) compete with the Netflix machine.

The “pieces” being the foundational elements of making and acquiring content, with Tom Hanks and Greyhound as a critical moment.

Greyhound being acquired and launching was step one – and again, make no mistake, the pandemic allowed Apple to basically bypass the lead-up to that step, because as mentioned, it had an award-level film literally drop in its lap. It also doesn’t hurt that this is going to be a very weak year for films because of all the delays, so the bar is not the same as in the past.

And:

Content is king, and Apple is putting together high-level packages that could siphon off projects that originally seemed earmarked for the Netflix pipeline.

As I said in my previous post, I am bullish on Apple TV+.