According to a report from The Information, Apple is facing a staggering annual loss of over $1 billion with its streaming service Apple TV+. Sources familiar with the situation revealed that the tech giant has been investing more than $5 billion annually in content since the platform’s launch in 2019. However, in a bid to cut costs, Apple reportedly reduced this budget by approximately $500 million last year. Despite the popularity of original hits like Ted Lasso, The Morning Show, Shrinking, and Severance, which have garnered numerous accolades, Apple TV+ still falls short in terms of subscriber numbers compared to competitors like Netflix, Disney+, and Amazon.com’s Prime Video. Apple has not yet responded to requests for comment on the matter. (Reporting by Akash Sriram and Harshita Mary Varghese in Bengaluru; Editing by Savio D’Souza)
