Apple is reassessing its approach to Apple TV+ after spending an staggering $20 billion on original content, much of which has gone unnoticed by viewers. According to a report from Bloomberg, Apple executive Eddy Cue has been discussing budget constraints with the heads of Apple TV+, Zack Van Amburg and Jamie Erlicht. They are aiming to distance the platform from its reputation as the largest spender in the industry.
Apple has invested significant amounts in productions, including a notable $250 million for the recently released miniseries “Masters of Air,” which has not garnered much attention. Additionally, over $500 million has been spent on films by renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this extensive investment, Apple TV+ holds a mere 0.2% of television viewership in the United States, generating far fewer views in a month than Netflix achieves in just one day. The service has also faced challenges in attracting new subscribers.
While these obstacles have not raised alarms within Apple, as streaming is not a primary focus of its business, the era of limitless spending appears to be ending. The company has already signaled this shift by hesitating to renew shows for third seasons, as evident from recent data.
Furthermore, Apple TV+ remains the only major streaming platform without an advertising tier, but this may soon change following the recruitment of Joseph Cady, a former NBCUniversal advertising executive, earlier this year.