Apple is reportedly reevaluating its strategy for Apple TV+ after investing a staggering $20 billion in original content, much of which remains largely unnoticed by audiences.
According to a Bloomberg report, Apple executive Eddy Cue has been in discussions with the heads of Apple TV+’s studios, Zack Van Amburg and Jamie Erlicht, regarding the need to control spending. Both executives are said to be addressing the need to move away from the platform’s image as the biggest spender in the industry.
The tech giant has committed significant resources to projects such as the $250 million miniseries “Masters of Air,” which debuted this year but failed to gain substantial attention. Additionally, Apple has spent over $500 million on films by notable directors including Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this heavy expenditure, Apple TV+ holds a mere 0.2% share of television viewership in the US, attracting fewer viewers in a month than Netflix does in just 24 hours and has faced challenges in growing its subscriber base.
While Apple does not prioritize streaming in its core business operations, it appears to be shifting its approach to content funding, indicated by its reluctance to renew programs for third seasons. Furthermore, Apple TV+ remains the last of the major streaming services without an ad-supported tier, though this may change following the recruitment of advertising executive Joseph Cady from NBCUniversal earlier this year.