According to the Information, which cited two people with knowledge of the situation, Apple loses more than $1 billion (about Rs. 8,604 crore) annually on its streaming service.
Since introducing Apple TV+ in 2019, the tech giant has spent over $5 billion (about Rs. 43,020 crore) year on content; but, last year, it cut that amount by about $500 million (approximately Rs. 4,302 crore), according to the article.
A request for comment from Reuters was not immediately answered by Apple.
In terms of subscriptions, Apple TV+, which is well-known for original series including “Ted Lasso,” “The Morning Show,” “Shrinking,” and “Severance,” has fallen behind competitors Netflix, Disney+, and Amazon.com’s Prime Video.
According to the most recent figures, industry leader Netflix had 301.63 million subscribers overall, followed by Disney+ (124.6 million) and Warner Bros. Discovery (116.9 million).
Although the iPhone manufacturer does not disclose the number of Apple TV+ members, five experts surveyed by Visible Alpha believe that the service had 40.4 million users by the end of 2024.
According to CEO Tim Cook’s statement on a January post-earnings call, Apple TV+ projects have received over 2,500 nominations and 538 wins.
In an effort to attract budget-conscious customers, media businesses are increasingly combining their services at reduced prices as competition in the streaming market heats up.
Comcast offers Apple TV+ as part of a bundle that costs $15 (about Rs. 1,290) a month and includes Peacock and Netflix. When purchased separately, Apple TV+ costs $9.99 (about Rs. 860) each month in the US.
Under the Apple One initiative, the Cupertino, California-based corporation also bundles Apple TV+ with services like iCloud, Apple Music, and others.
CREDIT: Gadget360, Allneeds
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