Apple's foray into the streaming service industry with Apple TV+ is reportedly incurring substantial financial losses, primarily due to the high production costs of its exclusive films and TV shows. According to a detailed report by The Information, which is behind a paywall, Apple is facing annual losses exceeding $1 billion due to its significant investment in original content. Despite efforts to curb spending in 2024, the company only managed to reduce costs by approximately $500,000, bringing the yearly expenditure down to $4.5 billion from the $5 billion it had been spending annually since launching Apple TV+ in 2019.
Apple TV+'s original programming has garnered widespread acclaim from both critics and audiences alike. Shows like Severance, Silo, and Foundation are prime examples of the high-quality content Apple is producing, with no visible corners cut in their production. The critical reception of these shows is a testament to Apple's commitment to quality, with Severance boasting a remarkable 96% critics score on Rotten Tomatoes, Silo at 92%, and the newly premiered The Studio, led by Seth Rogen, achieving an impressive 97% critics score. Other hits such as The Morning Show, Ted Lasso, and Shrinking further solidify Apple TV+'s reputation for top-tier content.
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The success of Severance is particularly notable, as it has been renewed for a third season following the finale of its second season. This critical and audience acclaim might be starting to translate into subscriber growth, as Deadline reports that Apple TV+ added 2 million new subscribers last month during Severance's run. While the financial losses are significant, they must be viewed in the context of Apple's overall financial health. The company reported an annual revenue of $391 billion for its fiscal 2024, suggesting that it can sustain this level of investment in Apple TV+ for the foreseeable future, with hopes that its strategy will eventually yield profitable returns.
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