Apple acknowledges its heavy spending on TV shows and movies that have received little attention or recognition.
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Apple is reconsidering its approach to Apple TV+ after investing a staggering $20 billion in original content, according to Bloomberg.
Reportedly, Apple executive Eddy Cue has been in discussions with Apple TV+ studio heads Zack Van Amburg and Jamie Erlicht about cutting budgets. Van Amburg and Erlicht have conveyed that the streaming platform wants to move away from being known as the industry’s biggest spender.
The company has invested significant amounts in shows and movies, spending $250 million on the miniseries “Masters of Air,” which has seen limited success since its release this year.
Additionally, more than $500 million has been spent on movies by renowned directors like Martin Scorsese, Ridley Scott, and Matthew Vaughn, Bloomberg reported.
Despite this substantial expenditure, Apple TV+ accounts for just 0.2% of TV viewership in the U.S., getting fewer views in a month than Netflix accumulates in 24 hours. The service has also struggled to expand its subscriber base.
These issues have not significantly concerned Apple, as streaming isn’t central to its business model. Nevertheless, the era of unrestricted spending appears to be ending, as indicated by Apple’s hesitation to renew shows for third seasons, according to Bloomberg.
Apple TV+ remains the only major streaming service without an ad-supported tier, but this could change following the company’s recent hiring of Joseph Cady, a former ad executive from NBCUniversal.