Apple is now betting on its all-time high install base of 1.4 billion to push its new video streaming service, dubbed as Apple Video, which will compete with the likes of Netflix and Amazon Prime Video.
It's a particular challenge for Cook, who took over after Jobs died in 2011.
The company led off the event with an announcement that its free news app will now come in a paid-subscription version, called Apple News+, which curates a range of news articles and will include 300 magazines including National Geographic, People, Popular Science, Billboard and the New Yorker.
"Apple is very late to this game", eMarketer analyst Paul Verna said. Its efforts to introduce a television service have also been well-documented; it's probably the worst-kept secret at Apple. It might also reveal a revamped TV app. It has signed popular celebrities such as Christ Evans, Oprah Winfrey, Jennifer Aniston, Reese Witherspoon, and others. The service that Apple has planned is a hub that is quite similar to the one that Amazon already uses for video subscription sales, including HBO and Showtime.
But a big question is how the shakeup in the media industry will affect Hulu.
Netflix's new mobile-only plan is still more expensive than other streaming services in India. The step underlines the change in the Apple business.
The focus at Apple's much-anticipated media event set for Monday will be largely on the company's updated Apple News service as well as its plans for original TV shows offered through a Netflix-like package available exclusively to Apple device owners.
Apple's TV push has been cloaked in mystery.
"This is a pivotal shift for Apple and in our opinion the biggest strategic move since the iPhone was unveiled in 2007", he said. However, the complete details will only be known at the Apple Event on March 25th. But it definitely plans to sell bundles of pay tv channels at a discount, just like pay TV operators have always done.
Disney will have as much as 40% of USA box office receipts following its deal for the assets of 21st Century Fox combined with its own studio and ABC television programs, giving it a vast library that includes the "Star Wars" and Marvel superhero franchises.
Apple's pitch to Hollywood is that it has the potential to reach hundreds of millions of viewers.