Apple is reevaluating its approach to Apple TV+ after reportedly spending around $20 billion on original content, much of which remains obscure to audiences. According to Bloomberg, executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht to control spending and move away from being seen as the industry’s largest spender.
The company has invested heavily in projects, including $250 million for the miniseries “Masters of Air,” which received minimal attention upon release. Additionally, it has spent over $500 million on films from notable directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these vast expenditures, Apple TV+ accounts for only 0.2% of U.S. TV viewership, attracting fewer viewers in a month than Netflix does in just 24 hours. The service has also faced challenges in growing its subscriber base.
Although Apple has not focused heavily on streaming since it is not central to its business model, the era of unrestricted spending appears to be coming to an end, as indicated by its hesitation to renew shows for third seasons. Furthermore, Apple TV+ remains the last major streaming platform without an ad-supported tier, a situation that may change following the recent hiring of ad executive Joseph Cady from NBCUniversal.