Apple is reportedly reevaluating its spending on original content for Apple TV+ after investing a staggering $20 billion in shows and movies, many of which remain largely undiscovered by audiences.
According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht to tighten budgets and reduce the platform’s reputation as the industry’s biggest spender.
Among its high-profile expenditures, Apple invested $250 million in this year’s miniseries “Masters of Air,” which had minimal impact. The company has also spent over $500 million on films from renowned directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these significant financial commitments, Apple TV+ holds only a 0.2% share of TV viewership in the United States, garnering fewer viewers in a month than Netflix attracts in just 24 hours. Subscriber growth has also been a challenge for the service.
While the tech giant does not prioritize streaming as a core aspect of its business, it signals a shift away from unrestricted spending. This change is evident as the company has begun hesitating to renew shows for third seasons.
Notably, Apple TV+ is the only major streaming service currently without an ad-supported tier. However, this may change soon, following the recent hiring of Joseph Cady, an advertising executive from NBCUniversal.