Apple is losing more than $1 billion a year on its streaming service Apple TV+, the Information reported on Thursday, citing two people familiar with the matter.
Apple has spent more than $5 billion a year on content since launching Apple TV+ in 2019 but trimmed that budget by around $500 million last year, the report said.
The company did not immediately respond to a Reuters request for comment.
Apple TV+ is known for its original shows like Ted Lasso, The Morning Show, Shrinking and Severance, many of which have won several awards.
Still, the service has lagged behind streaming rivals Netflix NFLX.O, Disney+ DIS.N and Amazon.com's Prime Video AMZN.O in terms of subscribers.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.