BENGALURU, March 21 — Apple is losing more than US$1 billion (RM4.5 billion) a year on its streaming service, the Information reported yesterday, citing two people familiar with the matter.
The tech giant has spent more than US$5 billion (RM22.5 billion) a year on content since launching Apple TV+ in 2019 but trimmed it by around US$500 million (RM2.2 billion) last year, the report said.
Apple did not immediately respond to a Reuters request for comment.
Apple TV+, known for original shows such as Ted Lasso, The Morning Show, Shrinking, and Severance, has lagged behind rivals Netflix, Disney+ and Amazon.com's Prime Video in terms of subscribers.
Industry leader Netflix had a total subscriber count of 301.63 million, according to the latest data, while Disney+ had 124.6 million users followed by Warner Bros Discovery at 116.9 million.
The iPhone maker does not break down the subscribers for Apple TV+ but it is estimated to have reached 40.4 million at the end of 2024, according to five analysts polled by Visible Alpha.
As competition heats up in the streaming industry, media companies are increasingly bundling their services at discounted rates to appeal to price-conscious consumers.
The Cupertino, California-based company also bundles Apple TV+ with services such as iCloud, Apple Music and others under the Apple One program.
— Reuters
