Apple is reassessing its spending on original content for Apple TV+, acknowledging its substantial investment of approximately $20 billion, according to a report by Bloomberg. The company is in discussions about budget constraints as part of a strategy to shed its image as the industry’s biggest spender. Executives Eddy Cue, Zack Van Amburg, and Jamie Erlicht have been involved in conversations aimed at curtailing these expenses.
Notable expenditures include $250 million for the miniseries “Masters of Air,” which received minimal viewer engagement. Additionally, Apple has invested over $500 million in films by renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
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Despite the lavish spending, Apple TV+ commands only 0.2% of TV viewership in the United States, garnering significantly fewer views in a month than Netflix achieves in just 24 hours. The service has also encountered challenges in subscriber growth.
Although streaming isn’t a primary focus for Apple, the company appears to be shifting away from its open-wallet approach, with indications of reluctance to renew shows for third seasons. Apple TV+ remains unique among major streaming platforms by not offering an ad-supported tier, a situation likely to change following the hiring of ad executive Joseph Cady earlier this year.
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