Apple is reevaluating its spending on original content for Apple TV+, after reportedly investing around $20 billion on shows and movies that have not gained significant traction. According to Bloomberg, Apple executive Eddy Cue has been in discussions with the heads of the streaming service’s studio, Zack Van Amburg and Jamie Erlicht, to potentially cut back on production budgets and improve the platform’s reputation.
Apple has poured substantial sums into various projects, such as the $250 million miniseries “Masters of Air,” which debuted to minimal audience engagement. The company has also invested more than $500 million in films from renowned directors, including Martin Scorsese and Ridley Scott.
Despite these heavy investments, Apple TV+ captures a mere 0.2% of U.S. television viewership, with Netflix receiving more views in just 24 hours than Apple TV+ does in an entire month. The platform has also faced challenges in growing its subscriber base.
While streaming is not a central part of Apple’s business model, the company appears to be shifting away from its previously unlimited spending approach. This change is reflected in its reluctance to renew shows for third seasons. Notably, Apple TV+ remains the last significant streaming service without an advertising tier, a situation that may soon change following the hiring of ad executive Joseph Cady from NBCUniversal earlier this year.