Apple is reportedly rethinking its approach to Apple TV+ after investing around $20 billion in original content, much of which has gone unnoticed by the public. According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht to reduce production budgets. The executives are focusing on changing the perception of Apple TV+ as the industry’s largest spender on content.
The company has made significant financial commitments to projects such as the $250 million miniseries “Masters of Air,” which debuted this year but failed to gain traction with viewers. Additionally, Apple has spent over $500 million on films from renowned directors including Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this substantial investment, Apple TV+ accounts for just 0.2% of TV viewership in the United States, garnering fewer views in a month than Netflix receives in a single day. The platform has faced challenges in growing its subscriber base and, while streaming is not a primary focus for Apple, the unrestricted spending era may be coming to an end. The company has already indicated a shift in strategy by being hesitant to renew shows for third seasons, as reported by Bloomberg.
Apple TV+ currently stands out as the only major streaming service without an advertisement tier, a situation that may change soon following the appointment of Joseph Cady, a former NBCUniversal advertising executive, earlier this year.