Apple Inc. is reportedly reassessing its approach to Apple TV+ after spending an astounding $20 billion on original programming, much of which has flown under the radar for viewers.
According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht regarding budget reductions. The goal is to alter the company’s reputation as the largest spender in the streaming industry.
The tech giant has invested significant amounts in programming, including $250 million for the miniseries “Masters of Air,” which received minimal audience engagement upon its release this year. Apple has also spent over $500 million on films from renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite these expenditures, Apple TV+ commands just 0.2% of the television viewership in the United States, with its monthly views falling short of what Netflix achieves in just one day. Additionally, the service has faced challenges in attracting new subscribers.
Although streaming is not a primary focus for Apple, the company’s unlimited spending on content appears to be coming to an end, as indicated by its hesitance to renew certain shows for third seasons. Notably, Apple TV+ remains the only major streaming service without an advertising tier, a situation that may soon change following the hiring of Joseph Cady, an advertising executive from NBCUniversal, earlier this year.