Apple is reassessing its strategy with Apple TV+ after investing a staggering $20 billion in original content, according to a report by Bloomberg. The tech giant has been under scrutiny for its spending on shows and movies that have gained minimal attention from viewers.
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 production budgets. They have indicated that the streaming service aims to distance itself from its image as the industry’s largest spender.
Apple’s financial commitments include significant investments like the $250 million for the miniseries “Masters of Air,” which launched this year but failed to capture a large audience. Additionally, the company has spent over $500 million on films from renowned directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this massive expenditure, Apple TV+ captures only 0.2% of television viewership in the United States, and its monthly views are outpaced by Netflix’s 24-hour totals. The platform has faced challenges in growing its subscriber base.
While Apple’s venture into streaming is not central to its business model, the company appears to be moving away from limitless spending, as indicated by its reluctance to renew several shows for third seasons. Moreover, Apple TV+ is the only major streaming service without an advertising tier—something that may soon change with the recent hiring of ad executive Joseph Cady from NBCUniversal.