Apple's $1 billion video plan should worry Spotify, not Netflix (AAPL)

Apple recently announced a plan to spend $1 billion on video content over the coming year, but it's not going after Netflix.
According to Amit Daryanani, an analyst at RBC Capital Markets, Spotify has the most to lose from the increased spending.
"While a billion dollars appear small relative to Netflix’s $6B, Amazon's ~$4B and HBO’s $2B annual content spend, we think that Apple is not competing with these services, at least not yet," Daryanani wrote in a note to clients.