Apple loses more than $1 billion annually with its streaming service
Apple’s streaming service is losing more than $1 billion per year, according to The Information, citing two sources.
According to the report, the tech giant spent more over $5 billion a year on content since the launch of Apple TV+ in 2019, but reduced it by about $500 million last year.
Apple TV+, known for original shows such as “Ted Lasso,” “The Morning Show,” “Shrinking” and “Severance,” has fallen behind rival Netflix, Disney+ and Amazon.com’s Prime Video in terms of subscribers.
Industry leader Netflix had total subscribers of 301.63 million, according to the latest data, while Disney+ had 124.6 million users, followed by Warner Bros Discovery with 116.9 million.
