Apple is known for spending billions of dollars on its Hollywood projects, but that could change after the production losses in the streaming industry.
According to Bloomberg, Apple’s Senior Vice President of Services, Eddy Cue, is pressuring studio heads Zack Van Amburg and Jamie Erlicht to closely monitor project budgets in an attempt to make their Apple TV+ streaming business more sustainable.
Apple invests a lot in individual projects compared to larger streaming companies like Netflix, having spent over 500 million dollars on films by directors Martin Scorsese (Killers of the Moon), Ridley Scott (Napoleon), and Matthew Vaughn (Argylle).
Great productions, very few spectators
Although its original projects receive a lot of attention during awards seasons, Bloomberg reports that Apple TV+ attracts fewer monthly visits than Netflix’s average in just one day.
According to Nielsen figures, Apple TV Plus represents 0.2 percent of television views in the United States, a figure that is overshadowed by Netflix’s 8 percent.
While struggling to invade Netflix’s audience numbers, Apple is now quicker to cancel its original series projects compared to when the Apple TV Plus service was first launched in 2019.
The company is also licensing more content from competitors to reduce its dependence on original series, and has delayed the production of shows like Foundation in an attempt to stay within budget.
It is not clear how many people actually watch Apple’s original programming, as the tech giant does not even share figures with the creators of its shows. However, Apple TV+ has not laid off as many staff members as its rivals, Disney and Paramount, and the money it earns from the sale of iPhones and other tech devices makes it difficult to know the pressure its studios are under.
Author: Chema Carvajal Sarabia
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