Apple is re-evaluating its approach to Apple TV+ after reportedly spending around $20 billion on original content, much of which remains relatively unknown to viewers. According to reports, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about tightening budgets and moving away from the platform’s reputation as the highest spender in the industry.
Apple has invested significant amounts in productions, including $250 million for the miniseries “Masters of Air,” which faced a lackluster reception upon release. Additionally, the company has spent over $500 million on films by prominent directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this substantial financial outlay, Apple TV+ commands only 0.2% of television viewership in the United States, with its monthly viewership lagging behind that of Netflix, which can achieve similar numbers in just 24 hours. The platform has also encountered challenges in attracting new subscribers.
While Apple’s streaming service is not a central focus of its business, the company appears to be shifting its stance on unlimited spending, as indicated by its hesitation to renew several shows for a third season. Notably, Apple TV+ is currently the only major streaming service without an ad-supported tier, though this may change following the recent hiring of Joseph Cady, an advertising executive from NBCUniversal.