Apple TV is reportedly cutting spending by more than $20 billion after a recent quarterly report showed monthly viewership on the streaming service was lower than daily viewership on Netflix.
Netflix continues to solidify its position as the streaming king, adding 8 million new customers during the quarter, bringing its total subscriber base to 277.7 million, reaching more than 600 million people worldwide. Bloomberg NewsNetflix’s daily viewership far exceeds Apple TV’s monthly viewership, which would force Apple TV to cut costs for original programming, according to the report.
After spending more than $20 billion on original TV shows and movies that not many people will watch, Apple is starting to refine its Hollywood strategy.
According to interviews with more than a dozen people, including former and current employees and business partners, Apple’s head of services, Eddy Cue, meets regularly with studio heads Zach Van Amburg and Jamie Ellicht to review budgets and push for tighter control over spending on projects. Van Amburg and Ellicht have told several of Apple’s top creative partners that they want to change the company’s reputation as one of the industry’s biggest spenders, the people said.
Apple spent a combined $500 million last year to lure top talent like Martin Scorsese, Ridley Scott and Matthew Vaughn, but none of their films became box office hits. Killer of the Flower Moon It reportedly topped Nielsen’s ratings for streaming titles, and the billions of dollars that Apple TV+ has spent on original programming have generated strong ratings and generally positive buzz for shows like: Slow Horse and Severance payTo date, the platform has accounted for just 0.2% of U.S. TV viewers.
“The company hasn’t released any data on spending or financial performance of its Hollywood operations as investors focus on iPhone sales,” Bloomberg noted.
As Breitbart News reported in January, Netflix finished 2023 on a high note, adding 13 million new subscribers and shortly after entering the live event broadcasting business with a new deal with WWE.
“The streaming giant reported 13 million new subscribers, $8.8 billion in revenue and $1.5 billion in operating profit. The company reported 9 million new subscribers in the last quarter amid an ongoing crackdown on password sharing,” it noted. The Hollywood Reporter (THR) At the time.
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