Apple is reportedly losing more than $1bn a year on its streaming service, according to a report in technology title The Information.
The tech giant has spent more than $5bn a year on content since launching Apple TV+ in 2019 but cut this by around $500m last year, the report said, citing two people familiar with the matter.
Apple TV+ is home to original shows such as Slow Horses, Severance, Ted Lasso, Bad Sisters and The Morning Show. Its original movies slate includes Tom Hanks’ starrer Greyhound, Martin Scorsese’s Killers Of The Flower Moon, George Clooney and Brad Pitt starring Wolfs and Oscar winner Coda.
The Information said that Apple TV+ is the only money-loser in Apple’s portfolio of services such as Apple Music and iCloud storage.
The service costs £8.99 a month in the UK and $9.99 a month in the United States.
The tech company does not break out the number of its Apple TV+ subscribers, but The Information reported that it had 45 million customers last year.
By comparison Netflix has 302 million subscribers, while Disney+ has 125 million followed by Warner Bros Discovery at 117 million.
