Apple is reassessing its spending on original content for Apple TV+, having invested around $20 billion in shows and movies that have not resonated well with audiences. According to reports, executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht about reducing production budgets and altering the platform’s reputation as the largest spender in the industry.
Apple’s spending includes substantial amounts for high-profile projects, such as $250 million for the miniseries “Masters of Air,” which underperformed after its release. Additionally, the company has invested over $500 million on films from renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this significant investment, Apple TV+ holds only a 0.2% share of TV viewership in the U.S., garnering fewer views in a month than Netflix typically gets in a single day. The service has also faced challenges in attracting new subscribers.
Though streaming is not a primary focus for Apple, the company appears to be dialing back its expansive spending, as indicated by its hesitance to renew several shows for additional seasons. Notably, Apple TV+ remains the only major streaming platform without an ad-supported tier, a situation that may soon change following the hiring of ad executive Joseph Cady from NBCUniversal.