The National Basketball Association will be the first major test of the new competitive landscape. Its agreements with ESPN and Turner run through the 2024-25 season. Most sports and media executives predict that the league will stick with traditional broadcasters for most of its games, while carving out some small portion of rights for a tech company.

“It hedges them for the future and exposes the product to new audiences,” said George Pyne, founder of the sports private equity firm, Bruin Capital, and the former chief operating officer of NASCAR. “They can still have a long-term relationship with network partners but dip their toe in with new media.”

Until then, the best opportunities for Apple and Amazon may be overseas — where Amazon has been active for years — because European soccer leagues resell their rights every two to three years. Amazon recently scooped up rights to Europe’s top tournament, the UEFA Champions League, in Britain, Germany and Italy. It also has rights to France’s Ligue 1, which it offers to Prime Video subscribers for annual fee of about $90, and the English Premier League.

Media companies will be pressured to expand geographically to compete, said Daniel Cohen, who leads global media rights consulting for Octagon, a sports agency. Television broadcasters could also team up to pool their financial firepower, or buy each other outright, to compete with tech giants willing to pay billions for rights like N.F.L. Sunday Ticket.

“It comes down to a Silicon Valley ego thing,” Mr. Cohen said of the high-dollar N.F.L. deal. “I don’t see a road to profitability. I see a road to victory.”

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Apple Sees Virtual-Reality Headset as Its Next Big Thing

Apple’s development of virtual-reality content and software tools is central to creating experiences that give its future headset purpose. Its last major new product, the Apple Watch, was launched with about 3,000 apps but struggled to take off because tech reviewers said few of those apps were useful. Similar shortcomings have dogged Meta’s Quest virtual-reality headset, which surpassed 10 million sales last year, because many view it as a gaming device.

From its original Macintosh to its iPad, Apple has pursued products that attract a broad swath of potential customers and have an array of uses. It sold an estimated 240 million iPhones last year, accounting for about half of its $366 billion in total sales. To make the headset worthwhile, analysts said, it will need to have utilities that transcend the niche world of video games.

Tim Cook, Apple’s chief executive, has been talking about the potential of augmented reality for years. In 2016, he told investors that the company was investing heavily in it and considered it a “great commercial opportunity.” Around that time, many employees on Apple’s campus were reading “Ready Player One,” a futuristic novel about virtual reality, and talking about the possibilities of creating Apple’s own mixed-reality world.

Apple hired an engineer from Dolby Technologies, Mike Rockwell, and tasked him with leading the effort. His early efforts to create an augmented-reality product were hobbled by weak computing power, two people familiar with the project said. Continuing challenges with its battery power have forced Apple to postpone its release until next year, those people said.

The augmented-reality initiative has been divisive inside Apple. At least two members of its industrial design team said they had left the company, in part, because they had some concerns about developing a product that might change the way people interact with one another. Such sensitivities have increased inside the company amid rising public concern about children’s screen time.

With Mr. Rockwell at the helm, the product would be one of the first to come out of Apple led by its engineering team rather than its co-founder Steve Jobs, who died in 2011, and its former design chief, Jony Ive, who left the company in 2019. The Apple Watch project was led by Mr. Ive and his designers, who defined how it looked, operated and was marketed.

Mr. Favreau’s programming shows how Apple is trying to differentiate its product from Meta’s. It also illustrates how the company is tapping into the relationships it has cultivated in Hollywood since starting Apple TV+ in 2019.

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Streaming Took Over Hollywood. Will It Take Best Picture, Too?

The pandemic accelerated the disruption. Traditional studios like Paramount, Universal, Sony, Warner Bros. and Disney rerouted dozens of theatrical films to streaming services or released them simultaneously in theaters and online. For the second year in a row, the Academy of Motion Picture Arts and Sciences, citing the coronavirus threat, allowed films to skip a theatrical release entirely and still be eligible for Oscars. The academy had previously required at least a perfunctory theatrical release of at least a week in Los Angeles.

This is about more than Hollywood egotism. The worry is that, as streaming services proliferate — more than 300 now operate in the United States, according to the consulting firm Parks Associates — theaters could become exclusively the land of superheroes, sequels and remakes. The venerable Warner Bros. has slashed annual theatrical output by almost half and built a direct-to-streaming film assembly line. Last week, Amazon boosted its Prime Video service by acquiring Metro-Goldwyn-Mayer, the old-line studio behind “Licorice Pizza,” which is nominated for three Academy Awards, including best picture.

In a year when Hollywood largely failed to jump-start theatrical moviegoing, streaming services solidified their hold on viewers. Global ticket sales totaled $21.3 billion in 2021, down from $42.3 billion in 2019, according to the Motion Picture Association. (Theaters were closed for much of 2020.) Some theater companies have gone out of business, others have merged; the world’s biggest theater chain, AMC Entertainment, racked up $6 billion in losses over the past two years and its stock has dropped 66 percent since June. At the same time, the number of subscriptions to online video services around the world grew to 1.3 billion, up from 864 million in 2019, the group said.

One film that struggled at the box office was Mr. Spielberg’s “West Side Story,” which received an exclusive run in theaters (per his wishes) of about three months. It collected about $75 million worldwide (against a production budget of $100 million and global marketing costs of roughly $50 million). “West Side Story” is now available on not one but two streaming services, Disney+ and HBO Max, where it has almost assuredly been viewed more widely than in theaters. But the film was never able to recover — among Oscar voters — from being branded a box office misfire. It received seven nominations, and is poised to win in one category, for Ariana DeBose as best supporting actress.

Mr. Spielberg’s also-ran presence in the current Oscar race makes the ascendance of streaming contenders all the more striking: a lion in the fight to keep the Academy Awards focused on theatrical films is pushed aside.

However unlikely, it is possible that “West Side Story” could come from behind and win the best picture trophy. So could Kenneth Branagh’s “Belfast,” for that matter. Such an outcome would be a bit like 2019, when academy voters, turned off by an over-the-top campaign by Netflix to push “Roma” to best picture glory, instead gave the prize to “Green Book,” a traditional film from Universal Pictures.

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