January 28, 2022
Apple generated a record $129 billion in revenue over its most-recent 90-day fiscal period. But that doesn’t mean the Cupertino. Calif.-based consumer tech giant isn’t breaking the bank on Apple TV+ content, reportedly spending around $6.5 billion on movies and TV shows. That pales in comparison to Netflix’s $17 billion and Amazon’s $9 billion in annual content spend.
Speaking on the Jan. 27 fiscal call, Apple CEO Tim Cook reiterated that financial output on movies and TV shows was not important. The executive touted that the streaming platform’s shows and movies have earned 200 industry award wins and more than 890 nominations.
“We don’t make purely financial decisions about the content,” Cook said on the call. “We try to find great content that has a reason for being.”
The executive said every program is a “tremendous credit” to the storytellers in front and behind of the cameras.
“We’re giving storytellers a place to tell original stories and feel really good about where we are competitively and strategic position of the product,” he said.
Current rollouts include Joel Coen’s The Tragedy of Macbeth, CODA and Swan Song, along with new series “Severance” and “The Afterparty.” Emmy-winning “Ted Lasso,” the comedy about an American football coach hired to run a British soccer team, remains the streamer’s most-popular original series.
“We love shows like ‘Ted Lasso,’ and several of the others that have a reason for existing, may have a good message and may make people feel better at the end of it,” Cook said. “But I don’t feel that we’ve narrowed our universe of things we’re selecting from. There’s plenty to pick from out there, and I think we’re doing a pretty good job of it as we speak.”