As a long-time Apple user and fan, I’ve always been excited about the company’s innovative ventures into new territories, like when they introduced Apple TV+ in 2019. However, as someone who has closely followed the streaming industry, I can’t help but feel disappointed by the recent reports suggesting that Apple TV+ is struggling to compete with streaming giants like Netflix.
Apple’s massive investments in creating exclusive content for Apple TV+, which hasn’t attracted a large audience as expected, may decrease or even come to a halt based on recent reports. Apple, renowned for its technological innovations, debuted its streaming service in 2019 to challenge competitors like Netflix. At launch, Apple TV+ demonstrated a strong commitment to producing top-notch entertainment. However, the service has not seen the growth it had anticipated. While series such as “The Morning Show,” “Ted Lasso,” and “Monarch: Legacy of Monsters” have been successful, they are exceptions in the vast library of original content Apple TV+ has produced over the past five years.
Based on data from Bloomberg’s report, Apple TV+ represents only a minuscule portion of TV viewing in the US, amounting to approximately 0.2%. In contrast, Netflix’s daily audience surpasses Apple TV+’s monthly viewership. Given this disparity, it becomes challenging for Apple TV+ to rationalize substantial investments in productions like “Masters of the Air,” which carries a whopping $250 million price tag and failed to generate significant buzz. Consequently, Apple has initiated internal deliberations regarding cost reduction strategies for their streaming platform.
As a long-time observer of the streaming industry, I’ve witnessed the meteoric rise of Netflix and its impressive original content library that caters to every nook and cranny of their subscriber base. With billions of dollars invested in both foreign and domestic productions, they’ve become the undisputed leader in this space. In contrast, Apple TV+ is struggling to keep up. Having followed both companies closely, I believe Netflix’s early entry into the market and its significant head start with over 277 million subscribers has left Apple TV+ playing catch-up. With a mere 25 million subscribers, they have a long way to go before they can even begin to challenge Netflix’s dominance in the original content arena. From my perspective, it’s clear that experience and scale give Netflix a distinct advantage in this cutthroat industry.
Where Does Apple TV+ Go From Here?
In simple terms, with Netflix dominating the streaming market, what’s next for Apple TV+? They have already invested in multiple seasons of shows such as “Monarch,” “The Morning Show,” “Silo,” “For All Mankind,” “Surface,” and “Hijack,” which come with hefty production costs – reportedly $50 million just for the cast of “The Morning Show.” So, how will Apple TV+ compete and move forward?
Initially, Apple is moving in the right direction by reducing the number of shows continuing beyond their first seasons. In 2019, all original programming made it to a third season, whereas in 2021, this figure plummeted to only 22%. Although some fans may protest upon hearing that certain shows have been canceled, it’s essential to remember that Apple is a business. If the financial data doesn’t support the investment, Apple must make tough decisions and discontinue those shows.
Apple could benefit from dedicating more resources to their successful content instead of investing heavily in an unproven, niche project. This may not be popular with filmmakers, but remember, it’s a business, and creativity and corporatism have long been at odds. Why risk a period Western that performs well on one platform when you can capitalize on the fact that sci-fi is your biggest genre? Your audience craves more of what they love, and if Apple excels in anything, it’s sci-fi, from “Foundation” and “Severance” to “Dark Matter” and “Silo.”
In simpler terms, Apple TV+ may currently be lagging behind in the streaming market, but they don’t necessarily need to lose money if they make smart decisions. The entertainment industry can be unpredictable, and sometimes taking risks is necessary for success. However, Apple has access to valuable data that indicates their strengths and weaknesses among viewers. By utilizing this information effectively, Apple TV+ has a strong potential to grow its subscriber base annually and establish itself as a significant player in the streaming market, despite Netflix having an early lead.
Apple, despite potential setbacks, could still take pride in supporting the arts, joining the ranks of historic wealthy benefactors such as the Medicis and the Guggenheims.
Read More
Sorry. No data so far.
2024-07-23 22:31