Apple is reassessing its spending on original content for Apple TV+, having allocated approximately $20 billion to shows and movies that have gone largely unnoticed. According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio leaders Zack Van Amburg and Jamie Erlicht about tightening budgets. The streaming service aims to change its image as the industry’s largest spender.
Apple has made significant investments in projects like the miniseries “Masters of Air,” which cost $250 million but failed to gain much attention upon release. The company has also spent over $500 million on films directed by notable filmmakers such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these expenditures, Apple TV+ accounts for only 0.2% of TV viewership in the U.S., and its monthly views are outpaced by Netflix’s viewership within just 24 hours. Subscriber growth has also been a challenge for the platform.
While Apple does not prioritize streaming in its core business model, the company seems to be signaling a shift away from limitless spending. This shift is evident in its cautious approach to renewing shows for third seasons, as per Bloomberg’s findings. Apple TV+ remains the only major streaming service without an advertisement-supported tier, a status that might soon change following the hiring of ad executive Joseph Cady from NBCUniversal.