Apple is reportedly reassessing its strategy for Apple TV+ after investing an astonishing $20 billion in original content, much of which has gone largely unnoticed by audiences.
According to Bloomberg, Apple executive Eddy Cue has been consulting with the heads of Apple TV+’s studio, Zack Van Amburg and Jamie Erlicht, to tighten budget controls. The studio leaders are said to be aiming to change the platform’s image as the biggest spender in the industry.
The company has made significant financial commitments, including $250 million for the miniseries “Masters of Air,” released this year but lacking audience engagement. Additionally, Apple has invested over $500 million in films from renowned directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this extensive spending, Apple TV+ holds only 0.2% of total television viewership in the US, garnering fewer monthly views than Netflix achieves in just a single day. The service has also faced challenges in growing its subscriber base.
While the streaming sector is not central to Apple’s primary business, the company’s substantial expenditures appear to be coming to an end, as indicated by its hesitant approach to renewals for shows beyond their second seasons. As of now, Apple TV+ remains the only major streaming platform without a tier for advertising, although this could change soon following the hiring of Joseph Cady, a former ad executive from NBCUniversal, earlier this year.