Apple Inc's (NASDAQ:AAPL, ETR:APC) streaming platform, Apple TV+, is reportedly operating at a loss of $1 billion a year as it contends with rising competition and shifting viewer habits.
Since its 2019 launch, Apple had been spending over $5 billion annually on original content, but that figure dropped to around $500 million last year, according to The Information.
Despite critically acclaimed titles like Ted Lasso and Severance, Apple TV+ has one of the highest cancellation rates among major streamers.
It does not disclose subscriber numbers but estimates place them between 30 and 40 million - well behind Netflix’s 300 million.
Apple recently joined forces with Netflix and Peacock in a bundle offer, but it remains unclear how effective such partnerships have been in reducing customer churn.