Apple is reportedly reassessing its strategy for Apple TV+ after spending approximately $20 billion on original programming, much of which has gone unnoticed by viewers. According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht to reduce production budgets and alter the platform’s reputation as the industry’s largest spender.
The company’s significant financial investments include a staggering $250 million for the miniseries “Masters of Air,” which premiered to minimal audience engagement. Additionally, Apple has invested over $500 million in films by renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this massive outlay, Apple TV+ holds a mere 0.2% share of TV viewership in the US, attracting far fewer viewers in a month than Netflix garners in just a single day. The service has struggled to grow its subscriber base as well.
Although Apple’s streaming issues haven’t raised alarms within the company, given that streaming is not its primary business focus, it appears the era of boundless spending may be coming to an end. This shift is reflected in its recent hesitance to renew certain shows for a third season.
Furthermore, Apple TV+ remains the only major streaming platform without an advertising tier; however, this could change following the recruitment of Joseph Cady, a former NBCUniversal advertising executive, earlier this year.