Apple is reportedly reevaluating its strategy for Apple TV+ after investing an enormous $20 billion in original content, much of which has gone unnoticed by viewers. According to Bloomberg, Apple executive Eddy Cue has been meeting with studio heads Zack Van Amburg and Jamie Erlicht to discuss budget cuts. They aim to shift away from Apple TV+’s reputation as the biggest spender in the industry.
The company’s substantial financial commitments include $250 million for this year’s miniseries “Masters of Air,” which failed to achieve significant viewership. Additionally, over $500 million has been spent on films by renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite the high spending, Apple TV+ holds just 0.2% of television viewership in the United States, with less engagement in a month than Netflix achieves in a single day. The platform has also faced challenges in boosting its subscriber numbers.
While the streaming market is not central to Apple’s overall business, the tech giant appears to be transitioning away from its unrestricted spending approach. This shift is evident in its hesitation to renew shows for a third season. Furthermore, Apple TV+ remains the last major streaming platform without an advertising tier, a situation that may change following the appointment of Joseph Cady, a former NBCUniversal ad executive.