Apple is reevaluating its approach to Apple TV+ after spending an estimated $20 billion on original programming, much of which has gone unnoticed by audiences. According to reports, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about tightening budgets in an effort to reduce the company’s image as the biggest spender in the industry.
The tech giant has splurged on high-profile projects, including a staggering $250 million for the miniseries “Masters of Air,” which received minimal attention upon its release this year. Additionally, Apple has invested over $500 million in films from well-known directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this significant financial outlay, Apple TV+ has only managed to capture 0.2% of television viewership in the United States, garnering fewer views in a month than Netflix achieves within a single day. The service has also struggled to boost its subscriber base.
While Apple does not prioritize streaming as a core aspect of its business, it appears to be moving toward more sustainable spending habits. This shift is already evident in the company’s hesitance to renew shows for third seasons. Notably, Apple TV+ is currently the last major streaming platform without an ad-supported tier, although this may soon change following the hiring of Joseph Cady, a former NBCUniversal ad executive, earlier this year.