LOS ANGELES (AP) — As the streaming wars near a fever pitch and viewers are targeted from every vantage point — Disney Plus has the Marvel and Star Wars brands! HBO Max counters with "Game of Thrones" and DC superheroes! — Apple TV Plus could be cast as the highly pedigreed and improbable underdog.

While the venture counts Oprah Winfrey and Steven Spielberg among its first wave of talent, Apple TV Plus launches Friday with just a handful of original programs. It also lacks a warehouse of old shows and franchise films that can reliably draw nostalgic viewers and produce spinoffs, such as "The M...