Apple is losing more than $1 billion a year on its streaming service Apple TV+, the Information reported today, citing two people familiar with the matter.
Apple has spent more than $5 billion a year on content since launching Apple TV+ in 2019 but trimmed that budget by around $500 million last year, the report said.
That’s sad to hear. The content on there is amazing for the most part. But, apparently, not cluttering it up with a bunch of junk is actually costing them somehow.
Good content is expensive. And from what I understand, the financials are all fucked up across the industry.
Just look at Netflix, they just blew $320 million on a huge piece of garbage, The Electric State.