Apple TV+ Faces $1 Billion Annual Loss Despite Hits Like Severance, Silo
Apple is reportedly grappling with significant financial losses in its Apple TV+ streaming service, primarily due to the high costs associated with producing its premium films and TV shows. A detailed report from The Information, which is behind a paywall, reveals that Apple is incurring losses exceeding $1 billion annually. Despite efforts to curb spending in 2024, the company only managed to reduce costs by approximately $500,000, bringing the total expenditure to $4.5 billion from the previous annual spend of $5 billion since the launch of Apple TV+ in 2019.
The original content on Apple TV+ has garnered high acclaim both critically and among audiences. Shows like Severance, Silo, and Foundation are prime examples of the service's commitment to quality, with no signs of cost-cutting affecting their lavish production values.
Severance Season 2 Episodes 7-10 Gallery
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This commitment to excellence is reflected in the critical acclaim these shows receive. Severance, recently renewed for a third season following its Season 2 finale, boasts an impressive 96% critics score on Rotten Tomatoes. Similarly, Silo is not far behind with a 92% score. Apple's upcoming show, The Studio, a meta comedy led by Seth Rogen that premiered at SXSW, has also been met with enthusiastic reviews, currently holding a 97% critics score on Rotten Tomatoes. Other popular Apple TV+ titles include The Morning Show, Ted Lasso, and Shrinking.
According to Deadline, Apple TV+ saw an increase of 2 million subscribers last month during the run of Severance, suggesting that the company's investment in high-quality content might eventually prove fruitful. It's also important to consider that Apple reported a staggering $391 billion in annual revenue for its fiscal 2024, indicating that the company has the financial resilience to sustain its current approach to content creation for the foreseeable future.
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