Apple is reportedly re-evaluating its spending on content for Apple TV+, having invested approximately $20 billion on original programming. According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about reducing budgets and shifting the platform’s reputation as the largest spender in the industry.
The company has made hefty investments in projects like the $250 million miniseries “Masters of Air,” which had minimal impact upon its release. Additionally, Apple TV+ has spent over $500 million on films by renowned directors including Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these significant expenditures, Apple TV+ only claims 0.2% of television viewership in the U.S. and garners fewer views in a month than Netflix attracts in just one day. The service has also faced challenges in growing its subscriber base.
Though Apple has not prioritized its streaming service as a core aspect of its business, it seems to be signaling an end to unlimited spending. This shift is evidenced by its hesitance to renew shows for a third season, according to data from Bloomberg.
Notably, Apple TV+ is the only major streaming platform that does not offer an ad-supported tier. However, the hiring of ad executive Joseph Cady from NBCUniversal earlier this year suggests that this could soon change.