Apple TV+ has 45 million subscribers in 2024, significantly behind the 302 million customers achieved by rival Netflix at the end of last year.
According to The Information, Apple is losing $1 billion a year on its streaming service having spent $5 billion a year on content for Apple TV+ since its launch in 2019. Last year, the figure was cut by around $500 million.
AppleTV+ is reportedly the only unit with the Cuppertino company not making a profit.
While the Apple library is significantly smaller than its rivals original programmes including Ted Lasso, The Morning Show, Shrinking, and Severance, have earned it more than 2,500 nominations and 538 wins, CEO Tim Cook said in a post earnings call in January.
However, while Amazon is still all about the parcels, Apple TV+ is just as much about keeping audiences within the Apple TV ecosystem that includes iCloud+, App Store purchases and advertising that make the company billions of dollars annually.
