Apple is reassessing its spending on original content for Apple TV+ after investing approximately $20 billion into shows and movies, many of which have gone unnoticed by viewers. Reports indicate that Apple executive Eddy Cue has been discussing budget cuts with studio heads Zack Van Amburg and Jamie Erlicht, with the goal of altering the platform’s image as the highest spender in the industry.
The tech giant has made significant investments in high-profile projects, such as a $250 million miniseries titled “Masters of Air,” which failed to gain traction upon its release this year. Additionally, Apple has spent over $500 million on films from renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this substantial investment, Apple TV+ has only captured 0.2% of TV viewership in the US, managing to attract fewer viewers in a month than Netflix does in just a single day. The platform has also faced challenges in growing its subscriber base.
Though Apple doesn’t view its streaming service as a core element of its business, it seems to be moving away from unlimited spending. Signs of this shift include a hesitance to renew shows for third seasons. Notably, Apple TV+ remains the only major streaming service without an ad-supported tier, but that may soon change following the appointment of Joseph Cady, a former ad executive from NBCUniversal.