Apple is reportedly reevaluating its strategy for Apple TV+ after spending an astonishing $20 billion on original content, with many shows and movies flying under the radar. According to Bloomberg, executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about scaling back budgets and moving away from being perceived as the industry’s largest spender.
The company poured significant funds into projects, such as the $250 million miniseries “Masters of Air,” which debuted this year but struggled to gain traction. Additionally, Apple has invested over $500 million in films directed by renowned filmmakers like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these huge expenditures, Apple TV+ claims a mere 0.2% of U.S. TV viewership and receives fewer monthly views than Netflix does in just one day. Furthermore, Apple has faced challenges in growing its subscriber base.
While Apple does not prioritize streaming as a core part of its business, signs indicate a shift away from unlimited spending. The company has begun to show hesitation in renewing shows for third seasons, as per Bloomberg’s analysis.
Apple TV+ remains the last significant streaming platform without an ad-supported tier, but this may soon change, especially after the recent hiring of Joseph Cady, an advertising executive from NBCUniversal.