Apple is reassessing its spending on original content for Apple TV+ after investing around $20 billion, according to a report by Bloomberg. The company’s executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about limiting budgets. They are reportedly looking to alter the platform’s image as the largest spender in the industry.
Apple has made significant financial commitments to various projects, including $250 million for the miniseries “Masters of Air,” which launched this year but struggled to gain traction. Additionally, it has invested over $500 million in films from renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this massive investment, Apple TV+ holds a mere 0.2% of TV viewership in the United States, with its monthly viewership falling short of Netflix’s views in just one day. The platform also faces challenges in attracting new subscribers.
While streaming isn’t central to Apple’s overall business, the company’s pattern of unrestricted spending appears to be shifting, as evidenced by its hesitance to renew shows for third seasons. Apple TV+ remains the only major streaming service without an advertising tier, but this may change following the hire of ad executive Joseph Cady from NBCUniversal earlier this year.