Apple is losing more than a billion dollars a year on its AppleTV+ streaming service, reports the far-left Deadline.
Since 2019, Apple has spent more than $5 billion a year on Apple TV+ content and does not have much to show for it. The closest it has come to a show anyone has heard of is Severance, while its theatrical features like Ridley Scott’s Napoleon, Martin Scorsese’s Killers of the Flower Moon, and the re-teaming of Brad Pitt and George Clooney in Wolfs, have been expensive box office (Wolfs wasn’t even released theatrically) and critical bombs.
Like all streaming services, Apple TV+ counts on subscribers to make a profit. Unlike other streaming services, it offers very little content outside of its own, which means no back catalog. For context, Netflix has about 300 million worldwide subscribers. Apple TV+ has only about 45 million.
The real news, however, is this: In the most recent fiscal year, Apple brought in $391 billion in revenue which delivered a net profit of $94 billion.
When you’re making $94 billion in profit every year, losing a billion or so on an upstart streaming service is nothing. […]
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