Apple TV+, Apple Inc (NASDAQ:AAPL, ETR:APC)’s streaming service, is losing more than $1 billion per year despite growing to about 45 million subscribers in 2024, according to a report by The Information.
This makes Apple TV+ the company’s only subscription service that is not profitable.
The audience for Apple TV+ remains relatively small, making up less than 1% of total streaming services in the US each month, per the report.
This compares to Netflix at 8.2% and Amazon at 3.5% of total viewing in February.
Since its launch in 2019, Apple has reportedly spent over $5 billion a year on content for the service, though this budget was reduced by $500 million in 2024 following directives from CEO Tim Cook and other executives.
The company’s initial business plan for Apple TV+ projected losses between $15 billion and $20 billion over the first decade.