Apple loses $1 billion every year on streaming biz, cuts spending: Report

Tech giant Apple’s video streaming business, Apple TV+ is incurring losses worth a billion dollars each year, according to a Reuters report.

Citing company sources, the report claimed that Apple has been reporting massive losses, forcing it to cut its spending. The tech giant is now spending $4.5 billion annually, down from $5 billion spent in the past few years since its launch in 2019. Apple TV+, which features an all-original lineup like The Morning Show, Ted Lasso, and Severance among others, has nearly 45 million subscribers and the video streaming service is available to people in more than 100 countries and regions.