Apple is reevaluating its approach to Apple TV+ after reportedly spending around $20 billion on original programming, much of which has gone largely unnoticed by audiences.
According to Bloomberg, Apple executive Eddy Cue has been meeting with studio heads Zack Van Amburg and Jamie Erlicht to discuss reducing production budgets. They are aiming to shift the platform’s image away from being perceived as the highest spender in the industry.
Apple’s financial outlays have been significant, including $250 million for the miniseries “Masters of Air,” which premiered this year but failed to make a significant impact. Additionally, the company has invested over $500 million in films from prominent directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these extensive expenditures, Apple TV+ has captured only 0.2% of the TV viewership market in the United States, garnering fewer views in a month than Netflix manages in just a single day. The service has also faced challenges in growing its subscriber base.
While the streaming sector isn’t a primary focus for Apple, the company seems to be pivoting away from its previously unrestricted spending habits. Recent decisions not to renew some shows for third seasons hint at this shift, according to Bloomberg data.
Currently, Apple TV+ remains the only major streaming platform without an advertisement-supported tier. However, this may soon change with the recent hiring of Joseph Cady, a former ad executive from NBCUniversal.