Apple is reassessing its spending on original content for Apple TV+, reportedly after investing about $20 billion in shows and films that may not be widely recognized. According to Bloomberg, Apple executive Eddy Cue has been engaging with studio heads Zack Van Amburg and Jamie Erlicht to consider more budget-conscious strategies. The intention is to move away from being perceived as the largest spender in the industry.
Among its significant expenditures, Apple invested $250 million in the miniseries “Masters of Air,” which launched this year but garnered limited attention. Additionally, over $500 million has been allocated for films directed by notable filmmakers such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this heavy financial commitment, Apple TV+ holds only 0.2% of TV viewership in the U.S., attracting fewer viewers in a month than Netflix does in just 24 hours, and it has faced challenges in growing its user base.
While Apple may not be overly concerned about these streaming hurdles, given that it’s not the company’s primary business focus, signs indicate that its era of boundless spending is coming to an end. This is evident in its hesitation to renew shows for a third season. Moreover, Apple TV+ is the last of the major streaming platforms without an advertising tier, a situation likely to change since the company appointed ad veteran Joseph Cady from NBCUniversal earlier this year.