Apple is reassessing its spending on original content for Apple TV+, which has reached around $20 billion, according to Bloomberg. Executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about cutting back on budgets and transforming the platform’s image as the industry’s most significant spender.
The company has invested heavily in high-profile projects, including $250 million for the miniseries “Masters of the Air,” which garnered little audience attention. In total, Apple has spent over $500 million on films from notable directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this extensive investment, Apple TV+ claims only 0.2% of the US TV viewership, attracting far fewer views in a month than what Netflix achieves in just 24 hours. The service has also faced challenges in growing its subscriber base.
While streaming isn’t central to Apple’s business strategy, signs indicate an imminent shift away from extravagant spending. This is evident in the company’s hesitance to renew shows for third seasons, as noted by Bloomberg data. Additionally, Apple TV+ remains the last major streaming service without an advertising tier, a situation that may soon change following the hiring of advertising executive Joseph Cady from NBCUniversal earlier this year.