Despite A-List talent and a massive budget, Apple TV+ is failing to attract viewers and turning huge losses.

Apple TV+ may be home to Hollywood’s biggest stars, but its viewership figures paint a different picture—one of disinterest, stagnation, and financial loss. Despite spending $5 billion annually on content and signing Natalie Portman, Colin Farrell, and Harrison Ford, Apple’s streaming service is reportedly losing $1 billion a year while failing to capture audience attention.

According to The Information, Apple TV+ remains the only Apple subscription service that isn’t profitable. While it boasts 45 million subscribers, its shows account for less than 1% of total streaming viewership in the US. To put that into perspective, Apple’s subscription costs half of Netflix’s, yet people still watch eight times more Netflix than Apple TV+.

A-List Stars, B-List Viewership

The issue isn’t the quality of Apple’s content—it’s the lack of impact. The platform consistently produces visually stunning, well-acted, and critically acclaimed shows, yet few seem to be watching.

Take The New Look, an ambitious series about Christian Dior and Coco Chanel starring Ben Mendelsohn and Juliette Binoche. Despite its historical depth and star power, the show barely registered in the public consciousness. Similarly, Michael Douglas’ eight-part Benjamin Franklin biopic, released last year, has seemingly vanished into obscurity.

Even Apple’s biggest success stories aren’t enough to keep it afloat. The most-watched show on the service remains Severance, a rare breakout hit. But other “top” titles on Apple’s internal rankings reveal a platform desperately clinging to past glories. Ted Lasso, which hasn’t released a new episode in nearly two years, still sits in the No. 2 spot. Meanwhile, new releases like Dope Thief and Prime Target have failed to gain traction, landing far below older content in the rankings.

Can Apple Compete?

Compared to Netflix’s fiercely competitive Top 10, Apple TV+ looks stagnant. Netflix churns out dozens of originals each month, generating viral hits and cultural phenomena. Apple, on the other hand, releases just a handful of shows per year—most of which struggle to generate buzz.

Apple’s strategy also lacks the diversity of its competitors. Unlike Netflix, Amazon Prime, or Disney+, Apple TV+ doesn’t buy existing content or invest in a vast international catalogue. This limits its appeal, particularly to audiences outside English-speaking markets.

Desperate Measures to Stop the Bleeding

Apple is now trying to course-correct before its streaming ambitions collapse. The company has:

• Cut its annual production budget by $500 million
  
• Announced a fourth season of Ted Lasso, despite its lacklustre third outing
  
• Reduced luxury perks for talent, like flying stars in private jets
  

But the real solution lies in creating a must-watch hit. While Apple has the resources to outspend its rivals, it hasn’t yet figured out how to capture mainstream attention. Without a new Severance-level sensation, the future of Apple TV+ looks bleak.

For now, Apple is losing billions to fund shows that nobody is watching—and unless something changes, its streaming experiment could end in disaster.