Apple Inc. is reportedly losing more than $1 billion every year on its streaming service, Apple TV+, as highlighted in a report from The Information on Thursday.
The report shows that Apple has been spending upwards of $5 billion annually on content since launching the service in 2019. However, the company cut back on its spending by approximately $500 million last year.
Despite boasting critically acclaimed original shows like Ted Lasso, The Morning Show, Shrinking, and Severance, Apple TV+ has struggled to compete with major industry players such as Netflix, Disney+, and Amazon Prime Video in terms of subscriber growth.
