Netflix can breathe easy, at least for now. Apple is not ready to take over its neighborhood just yet.
Reports of the Cupertino-based iTunes-maker preparing a cloud-based movie streaming service reportedly were premature.
Apple reportedly still has a lot of work to do if it wants to offer streaming movies that can be re-downloaded to other devices via iTunes.
CNet reports that Apple still has to finalize agreements with four of the six major film studios to offer cloud-based movie-streaming services. The tech website cites an industry insider with knowledge of Apple's quest for the information.
The source does confirm that Apple has been trying to secure such agreement but the negotiations could reportedly take months.
That is good news and bad news for companies such as Los Gatos-based Netflix. While other companies, such as Amazon and Blockbuster, have taken aim at Netflix's popular service, none has the reach that Apple does.
Steve Jobs and company have already proven that they have the ability to convince people, even in a down economy, that they need multimedia devices, such as the iPad, iPhone and MacBooks.
All the while Apple has been able to hook people to its app store and products. The ability for one company to control the content and the devices that content is played and distributed on could pose quite a risk for a company that is already struggling with its first major customer backlash.