Apple is recognizing its excessive spending on original content for TV shows and films, many of which remain largely unknown to the public. The company is reportedly re-evaluating its strategy for Apple TV+ after investing approximately $20 billion in original programming, according to a report from Bloomberg.
Apple executive Eddy Cue has been in discussions with Apple TV+ studio heads Zack Van Amburg and Jamie Erlicht about reducing production budgets. The pair has been communicating a desire for the streaming service to move away from its image as the industry’s highest spender.
The company has made significant financial commitments for its content, including a staggering $250 million on the miniseries “Masters of the Air,” which debuted this year with little impact. Additionally, Apple has invested over $500 million in films from renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
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Despite its enormous expenditures, Apple TV+ accounts for only 0.2% of television viewership in the United States, attracting fewer viewers in a month than Netflix does in just 24 hours. The service has also encountered difficulties in boosting its subscriber base.
Although Apple TV+’s challenges have not raised alarm bells within the larger company—since streaming is not its primary business focus—its era of unrestricted spending may be coming to an end. Signs of this shift are evident in the company’s hesitance to renew shows for third seasons, as indicated by Bloomberg’s findings.
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Additionally, Apple TV+ is the last significant streaming platform without an ad-supported subscription option. This may change soon, following the hire of Joseph Cady, a former ad executive from NBCUniversal, earlier this year.