That being said, I'd like to clarify something for those that consider this an Apple TV+ versus others matter.
Hulu and Netflix are more like low price cable companies that allow you to watch general TV and movies for a single subscription price (hence Hulu isn't that different from cable). Those "non-cable cable companies" then started making their own content to differentiate themselves from each other, and add incentive for subscribers. It would be like Comcast making it's own content for their users, for free. -- That is not Apple's business model, nor would it ever be until their actual business model of "pay per movie", "pay per rental", "pay per episode" takes a serious hit, which I don't see happening any time soon (within the next 3 years, because for now people are still fine with renting movies, especially if they can get it while the movie is still in theaters). However, Apple's real business model reflects that they are not in direct competition with the other companies' business models, at all.
They merely overlap in two regards:
1. each of the companies mentioned, have created their own studio that produces original content. Apple TV+ is also a studio, and therefore "Apple Studio" competes with Netflix, Hulu, and Amazon Studios, the same way that they all compete with every other studio in existence. That's normal for content creators (even for Youtubers), and is nothing special.
2. the Apple TV app (not Plus) allows you to subscribe to premium channels the way that the platforms allow. There is no real differentiator in this regard, because each service allows you to seamlessly stream the premium channel through their app, for about the same price. Therefore, there's no actual competition in that regard, they all offer the same thing. The only competition possible in that regard are the number of premium channels offered and a potential premium channel price war. But for the premium channels that have their own platforms / apps, the prices will pretty much be the same across the board (unless they offer lower prices within their own relative apps).
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When you pay for Netflix, Hulu, and even Amazon Video, you're primarily paying for an all you can eat entertainment "platform" (which includes the things they each could exclusively license, and distribute / brand), with their additional original "studio" productions (but studio productions are low priority compared to their core business of establishing streaming rights with other's content for their base membership price). For Apple TV+ original content "is" their business model and all that matters, so when you pay for Apple TV+ you're only paying for that studio's productions. That is like having an exclusive membership to a small boutique studio or playhouse.
To people that understand / appreciate the value of a playhouse subscription, they would understand the value of having a direct subscription to a studio. Those that do not, care more about quantity. I for one will subscribe to Apple TV+, the same way that I subscribe to membership at the Met Opera, Hulu, and Netflix.
It is more accurate to perceive Apple TV+ as a premium channel subscription, than perceiving it as "versus" Hulu, Netflix, etc. Apple TV+ is more akin to an HBO subscription, than a Hulu subscription. The Apple TV app will essentially aggregate the TV+ premium channel, the same way it allows HBO, and Showtime (granted, TV+ might have a dedicated section, but it's basically another premium channel aggregated). Such is why, TV+ isn't really in competition with Hulu and Netflix, and why Hulu can be aggregated in the TV app too (Netflix could be aggregated too if they weren’t so stubborn). Similarly, Hulu, Netflix, and Amazon down the line may want to offer Apple Studio shows and movies, like they do other premium channels (if Apple cares to reach more people / capitalize from subscriptions on other platforms eventually).
I believe at some point in time Apple TV+ will cease to be a driver for hardware sales, and will become a driver for the brand. Meaning, it’ll stop being an Apple device exclusive, and will become a channel that others can watch so long as they pay the subscription cost (even potentially becoming a cable TV premium channel, though this is less likely). If the shows / movies are numerous and good enough TV+ has the potential to outgrow Apple users. Similar to how Apple Music is no longer limited to Apple devices, because Apple will care more about subscribers since it no longer really drives hardware sales. Apple will employ whatever they can to get people into their services.
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In summary, Apple TV+ is a premium channel, not a streaming platform subscription, and the TV app is a free aggregator for streaming platforms / channels not a platform itself.