Apple is shedding greater than $1 billion a 12 months on its streaming service, the Data reported on Thursday, citing two individuals acquainted with the matter.
The tech large has spent greater than $5 billion a 12 months on content material since launching Apple TV+ in 2019 however trimmed it by round $500 million final 12 months, the report mentioned.
Apple didn’t instantly reply to a Reuters request for remark.
Apple TV+, identified for unique exhibits resembling “Ted Lasso,” “The Morning Show,” “Shrinking,” and “Severance,” has lagged behind rivals Netflix, Disney+ and Amazon’s Prime Video when it comes to subscribers.
Business chief Netflix had a complete subscriber rely of 301.63 million, in response to the newest knowledge, whereas Disney+ had 124.6 million customers adopted by Warner Bros Discovery at 116.9 million.
The iPhone maker doesn’t break down the subscribers for Apple TV+ however it’s estimated to have reached 40.4 million on the finish of 2024, in response to 5 analysts polled by Seen Alpha.
Apple TV+ productions have earned greater than 2,500 nominations and 538 wins, CEO Tim Prepare dinner mentioned in a put up earnings name in January.
As competitors heats up within the streaming trade, media firms are more and more bundling their companies at discounted charges to enchantment to price-conscious shoppers.
Apple TV+ is a part of a bundle provided by Comcast that mixes the service with Peacock and Netflix at $15 per thirty days.
Apple TV+ prices $9.99 per thirty days within the US when purchased individually.
The Cupertino, Calif.-based firm additionally bundles Apple TV+ with companies resembling iCloud, Apple Music and others below the Apple One program.
