The Apple TV+ streaming service “is losing more than $1 billion annually,” according to The Information today.
The report also claimed that Apple TV+’s subscriber count reached “around 45 million” in 2024, citing the two anonymous sources.
Ars reached out to Apple for comment on the accuracy of The Information’s report and will update you if we hear back.
Per one of the sources, Apple TV+ has typically spent over $5 billion annually on content since 2019, when Apple TV+ debuted. Last year, though, Apple CEO Tim Cook reportedly cut the budget by about $500 million. The reported numbers are similar to a July report from Bloomberg that claimed that Apple had spent over $20 billion on Apple TV+’s library. For comparison, Netflix has 301.63 million subscribers and expects to spend $18 billion on content in 2025.
In the year preceding Apple TV+’s debut, Apple services chief Eddy Cue reportedly pushed back on executive requests to be stingier with content spending, “a person with direct knowledge of the matter” told The Information.
But Cook started paying closer attention to Apple TV+’s spending after the 2022 Oscars, where the Apple TV+ original CODA won Best Picture. The award signaled the significance of Apple TV+ as a business.
Per The Information, spending related to Apple TV+ previously included lavish perks for actors and producers. Apple paid “hundreds of thousands of dollars per flight” to transport Apple TV+ actors and producers to promotional events, The Information said, noting that such spending “is common in Hollywood” but “more unusual at Apple.” Apple’s finance department reportedly pushed Apple TV+ executives to find better flight deals sometime around 2023.
In 2024, Cook questioned big-budget Apple TV+ films, like the $200 million Argylle, which he said failed to generate impressive subscriber boosts or viewership, per an anonymous “former Apple TV+ employee.” Cook reportedly cut about $500 million from the Apple TV+ content budget in 2024.