Apple losing over US$1 billion a year on streaming service, The Information reports
The tech giant has spent more than US$5 billion a year on content since launching Apple TV+ in 2019 but trimmed it by around US$500 million last year
Add BT as a preferred source
[BENGALURU] Apple is losing more than US$1 billion a year on its streaming service, The Information reported on Thursday (Mar 20), citing two people familiar with the matter.
The tech giant has spent more than US$5 billion a year on content since launching Apple TV+ in 2019 but trimmed it by around US$500 million last year, the report said.
Apple did not immediately respond to a Reuters request for comment.
Apple TV+, known for original shows such as Ted Lasso, The Morning Show, Shrinking, and Severance, has lagged behind rivals Netflix, Disney+ and Amazon.com’s Prime Video in terms of subscribers.
Industry leader Netflix had a total subscriber count of 301.63 million, according to the latest data, while Disney+ had 124.6 million users followed by Warner Bros Discovery at 116.9 million.
The iPhone maker does not break down the subscribers for Apple TV+ but it is estimated to have reached 40.4 million at the end of 2024, according to five analysts polled by Visible Alpha.
Apple TV+ productions have earned more than 2,500 nominations and 538 wins, CEO Tim Cook said in a post earnings call in January.
As competition heats up in the streaming industry, media companies are increasingly bundling their services at discounted rates to appeal to price-conscious consumers.
Apple TV+ is part of a bundle offered by Comcast that combines the service with Peacock and Netflix at US$15 per month. Apple TV+ costs US$9.99 per month in the U.S when bought separately.
SEE ALSO
The Cupertino, California-based company also bundles Apple TV+ with services such as iCloud, Apple Music and others under the Apple One program. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
EU and Asean at 50: time for bold action
