Apple is expected to announce Monday that it's launching a video service that could compete with Netflix, Amazon and cable TV itself.

It's a long-awaited attempt from the iPhone maker, several years after Netflix turned "binge watching" into a worldwide phenomenon.

The new video service is expected to have original TV and movies that reportedly cost Apple more than $1 billion - far less than Netflix and HBO spend every year.

Also expected is a news subscription service.

The iPhone has long been Apple's marquee product and main money maker, but sales are starting to decline. The company is pushing digital subscriptions as it searches for new profit growth.

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