Apple is re-evaluating its spending on original content for Apple TV+, having invested approximately $20 billion in shows and movies, many of which have not gained significant recognition. Reports indicate that Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about managing budgets more effectively. The goal is to shed the perception of being the industry’s largest spender on content.
Significant investments include $250 million for the miniseries “Masters of Air,” which saw minimal viewership upon its release, and over $500 million allocated for films by directors such as Martin Scorsese and Ridley Scott. Despite the extensive financial commitment to original programming, Apple TV+ has captured just 0.2% of television viewership in the United States, receiving fewer views in a month than Netflix does in just 24 hours. Additionally, the platform has faced challenges in subscriber growth.
Although the streaming service’s challenges do not appear to concern Apple significantly, given that streaming is not a core component of its overall business, the company seems to be moving away from its previously unrestricted spending habits. This shift is evident in their hesitance to renew shows for third seasons, as reported by Bloomberg.
Apple TV+ currently stands out as the last major streaming platform without an ad-supported tier, a status that may soon change following the hiring of Joseph Cady, an advertising executive from NBCUniversal earlier this year.