Apple's foray into the streaming world with Apple TV+ is proving to be a costly venture, with the tech giant reportedly losing over $1 billion annually due to its hefty investments in original programming. According to a report by The Information, Apple's efforts to reduce spending in 2024 only resulted in a modest cut of $500,000, bringing the total annual expenditure to $4.5 billion, down from the $5 billion it had been spending since the launch of Apple TV+ in 2019.
Despite these financial losses, Apple TV+ has garnered significant acclaim for its original content. Critically acclaimed and beloved by audiences, shows like Severance, Silo, and Foundation showcase Apple's commitment to high-quality production. There's no denying that these series are anything but top-notch.
Severance Season 2 Episodes 7-10 Gallery
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This dedication to quality has earned Apple TV+ some impressive critical acclaim. Severance, which has been renewed for a third season following the conclusion of its second, boasts a stellar 96% critics score on Rotten Tomatoes. Silo is not far behind, with a 92% rating. Additionally, Apple's latest offering, The Studio, a meta comedy led by Seth Rogen, premiered at SXSW and has received a phenomenal 97% critics score on Rotten Tomatoes. Other hits like The Morning Show, Ted Lasso, and Shrinking further solidify Apple TV+'s reputation for quality content.
Despite the financial strain, Apple TV+ seems to be gaining traction, with Deadline reporting an addition of 2 million subscribers last month during Severance's run. Given Apple's robust fiscal 2024 revenue of $391 billion, it appears the company is well-positioned to continue investing in its streaming service, with hopes that its strategy will eventually prove profitable.
