Apple is reassessing its spending on original content for Apple TV+, reportedly investing an astounding $20 billion in shows and movies that many viewers may not recognize.
According to Bloomberg, Apple executive Eddy Cue has been in discussions with studio heads Zack Van Amburg and Jamie Erlicht regarding reducing budgets. The two executives are also communicating that the streaming service aims to change its image as the highest spender in the industry.
Among its significant expenditures, Apple has committed $250 million to the miniseries “Masters of Air,” which premiered this year but received minimal attention. Additionally, the company has invested over $500 million on films from renowned directors such as Martin Scorsese, Ridley Scott, and Matthew Vaughn.
Despite this substantial investment, Apple TV+ holds only 0.2% of television viewership in the United States, with its monthly viewership being less than what Netflix receives in just a single day. The service has also faced challenges in attracting new subscribers.
While Apple does not prioritize streaming as a core aspect of its business, it appears to be moving away from unchecked spending, as evidenced by its hesitance in renewing series for third seasons, according to Bloomberg data.
Notably, Apple TV+ remains the only major streaming platform without an advertising-supported tier, a situation that could be changing soon following the hiring of Joseph Cady, an advertising executive from NBCUniversal, earlier this year.