Reports: Netflix Not To Join Apple Streaming Service

(RTTNews) - Online-video streaming service Netflix Inc. (NFLX) has confirmed that it will not make its television shows and movies available on Apple Inc.'s (AAPL) upcoming video streaming service, according to media reports.

Netflix CEO Reed Hastings reportedly said on Monday, "We want to have people watch our content on our service. We've chosen not to integrate into their (Apple's) service."

According to the reports, Hastings noted that Netflix has already been competing with Amazon.com Inc. (AMZN) and added that a job could be best done when there are "great competitors."

Hastings also reportedly said he expects Netflix, like other U.S. technology companies, to be blocked in China "for a long time."

In early March, Apple announced an event scheduled for next Monday, March 25, where the iPhone maker is expected to introduce an original video programming service and a new premium magazine subscription plan.

The video service, which is designed to rival offerings from Netflix and Amazon, will combine Apple-developed or funded TV shows as well as movies with the ability to subscribe to content from providers like Starz, Bloomberg News reported in February.

Apple was earlier reported to be talking to or planning to partner with HBO, Showtime, Starz, Cinemax and CBS All Access, among others, in order to supplement its own original shows.

The new offerings will contribute to Apple's services segment, which is growing in revenue and importance. Apple is increasingly relying on its services business, which includes digital content and other services, as its sales of iPhones and other devices has slowed.

The services business' revenues reached an all-time high of $10 billion in the recent fourth quarter. Apple has said its services business is on pace to generate $50 billion per year by 2021.