Apple is reportedly reassessing its spending on original content for its streaming service, Apple TV+, after investing approximately $20 billion in shows and movies, many of which have gone largely unnoticed by audiences. According to Bloomberg, Apple executive Eddy Cue has been consulting with studio heads Zack Van Amburg and Jamie Erlicht to reduce budgets. The company aims to change its perception as the highest spender in the industry.
Apple has made significant financial commitments, such as $250 million for the miniseries “Masters of Air,” which received minimal attention upon its release. Furthermore, it has invested over $500 million in films from notable directors including Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite its extensive spending, Apple TV+ holds only a 0.2% share of television viewership in the United States, and its monthly viewership is outpaced by Netflix’s in just 24 hours. The service has also struggled to grow its subscriber base.
While Apple does not consider streaming to be a core aspect of its business, the outlook for continued unrestricted spending appears bleak. The company has already indicated a willingness to limit the renewal of shows for third seasons, according to industry data. Additionally, Apple TV+ remains the only leading streaming service without an advertising tier, a situation that might change now that the company has hired ad executive Joseph Cady from NBCUniversal earlier this year.