Apple is reassessing its spending strategy on original content for Apple TV+, having invested an astonishing $20 billion in shows and movies, many of which have gone largely unnoticed by audiences. According to reports, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about controlling budgets more effectively. They are reportedly aiming to change the perception of Apple TV+ as the largest spender in the industry.
The company has made substantial investments, including $250 million for the miniseries “Masters of Air,” which received a lukewarm reception upon its release this year. Furthermore, Apple has spent over $500 million on films from notable directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these extensive financial commitments, Apple TV+ has managed to capture only 0.2% of TV viewership in the United States, garnering fewer views in a month than Netflix achieves in just one day. The service has also faced challenges in boosting its subscriber count.
While Apple’s other business ventures remain strong, it appears to be reevaluating its approach to streaming. Signs of this shift include hesitations to renew shows for third seasons. Additionally, Apple TV+ stands out as the last major streaming service yet to introduce an ad-supported tier, a situation that may change following the hiring of Joseph Cady, a former NBCUniversal advertising executive, earlier this year.