Apple is reassessing its approach to Apple TV+ after investing around $20 billion in original content, much of which has gone unnoticed by viewers. According to reports, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about controlling budgets. The goal is to move away from its image as the biggest spender in the industry.
The company has invested heavily in various projects, notably $250 million for the miniseries “Masters of Air,” which performed poorly upon release. Additionally, over $500 million has been spent on films from prominent directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this significant financial commitment, Apple TV+ holds a mere 0.2% share of TV viewership in the U.S., with its monthly views falling short of what Netflix achieves in just 24 hours. The platform has also faced challenges in subscriber growth.
While Apple has not appeared overly concerned about the struggles of Apple TV+, given that streaming is not a primary focus of its business, the era of unchecked spending seems to be coming to a close. Reports indicate the company is already hesitating to renew shows for a third season.
Moreover, Apple TV+ remains the last major streaming service without an advertising tier, a situation likely to change following the hiring of Joseph Cady, a former ad executive from NBCUniversal, earlier this year.