Apple is reassessing its spending on original content for Apple TV+, following a substantial investment of around $20 billion. This move comes as the company acknowledges that many of its shows and movies have gone largely unnoticed.
Reportedly, Apple executive Eddy Cue has been in discussions with the heads of Apple TV+’s studios, Zack Van Amburg and Jamie Erlicht, to discuss budget constraints. The studio leaders have indicated a desire to move away from the platform’s reputation as the largest spender in the industry.
Apple has invested significant sums in productions, including $250 million for the miniseries “Masters of Air,” which underperformed upon release. Additionally, the company has allocated over $500 million on films directed by renowned filmmakers such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite its heavy financial outlay, Apple TV+ captures a mere 0.2% of U.S. TV viewership, attracting fewer viewers in a month than Netflix sees in just one day. The platform has also faced challenges in subscriber growth.
While Apple TV+ remains a secondary focus for the tech company, the trend of unrestricted spending appears to be coming to an end, as indicated by a reluctance to renew shows for third seasons. Furthermore, Apple TV+ is currently the only major streaming service without an advertising tier, though this may soon change following the hiring of advertising executive Joseph Cady from NBCUniversal earlier this year.