“Apple Cuts $500M As Streaming Loses $1B”

Apple TV+ may have big shows like Severance, Ted Lasso, and The Morning Show, but the platform is still losing a lot of money. A new report says Apple is losing up to $1 billion every year from its streaming service.

Since launching Apple TV+ in 2019, Apple has been spending around $5 billion yearly to make new shows and movies. But last year, Apple cut $500 million from its content budget, even though its shows are getting more viewers than ever.

Severance recently became Apple’s most-watched show, with over 3 billion minutes streamed, according to Nielsen. Another report said Severance alone helped Apple TV+ gain 2 million new subscribers.

However, Apple TV+ still falls behind bigger competitors like Netflix, Disney+, and Prime Video. Netflix leads with over 301 million subscribers, followed by Disney+ with about 125 million and Warner Bros Discovery with nearly 117 million. Apple TV+ is estimated to have about 40.4 million subscribers.