Apple is reportedly reassessing its approach to Apple TV+ after spending an astounding $20 billion on original content, 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 about curbing budgets. The duo has indicated that the platform aims to move away from its image as the biggest spendthrift in the industry.
Apple has previously allocated massive sums for projects, including $250 million for the miniseries “Masters of Air,” which received a lukewarm reception upon its release this year. Additionally, the company has invested over $500 million in films by renowned directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this heavy investment, Apple TV+ commands a mere 0.2% of TV viewership in the United States, garnering fewer views in a month than Netflix achieves in just 24 hours. The platform has also faced challenges in growing its subscriber base.
While Apple TV+ has not been a primary concern for the tech giant—streaming not being central to its business—indications suggest that its unrestricted spending may soon come to an end. This shift is evidenced by the company’s reluctance to renew series for third seasons, as noted by Bloomberg.
Currently, Apple TV+ remains the only major streaming service without an ad-supported tier, but this may soon change. Earlier this year, the company hired Joseph Cady, a former ad executive from NBCUniversal, signaling a potential evolution in its streaming strategy.