Apple gearing up for full-fledged multimedia business

Apple (Nasdaq: AAPL), which has been nibbling around the video edges of the multimedia experience, is reportedly gearing up for what's being described as a "full-on assault on the $150 billion-plus world of multimedia content and distribution."

The move would put the i-everything provider in heated competition with Google (Nasdaq: GOOG), Amazon.com and Netflix (Nasdaq: NFLX) and add yet another over-the-top piece to compete with--or complement, depending on your viewpoint--the cable industry.

Analysts point to Apple's investment in a North Carolina data center as the foundation for a cloud-based streaming video and music operation.

"You want to be able to shift your content between all your screens (and from the Apple perspective those would be the iPod, iPad and iPhone) and be able to do that pretty easily and seamlessly. I can think of no other company that would be better at making some really dummy-proof than Apple," said Peter Misek, an analyst with Jefferies & Co.

For more:
- see this Reuters story

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