Apple TV+ is losing more than $1 billion a year, according to The Information. The streaming service has roughly 45 million subscribers.
According to people who spoke with the Information, Apple has spent over $5 billion annually on content since it rolled out the streaming service in 2019. Last year, it reduced the spending to $4.5 billion per year.
It anticipates losing up to $20 billion in its streaming business in the next decade.
The tech giant does not share financial details for Apple TV+, which is part of its Services division. This division, including Apple Music and the App Store, made $26.3 billion in the last quarter of 2024, up 14% from the previous year.
Apple’s strong finances can support the losses for now, but it’s unclear when or if the service will become profitable. In the last fiscal year, it posted net profits of $93.7 billion.