When Apple launched its streaming service in 2019, we pointed out that it had no experience in the entertainment industry and while it might suit its Walled Garden approach it did not know what it was doing. It turns out we were right and while the rest of Cupertino’s walled garden is raking it in, this is the one bit of fruit that refuses to ripen.

Since then, Job’s Mob has funnelled a staggering $5 billion each year into TV+, only recently trimming the fat to $4.5 billion in 2024. To be fair, some of its projects were good and it won some shiny Emmys and critical nods for “Ted Lasso,” “Severance,” “Silo,” and “The Morning Show”?

But in the brutal economics of streaming, gold statues don’t pay the bills and Jobs; Mob does not have the numbers.

TV+ still trails miles behind the likes of Netflix, Disney+, and Amazon Prime Video.

While Job’s Mob keeps its subscriber numbers under tight wraps, The Information pegs it at around 45 million—a laughable figure following to Netflix’s 301 million juggernaut user base.

 Apple TV+ accounts for less than a per cent of total US streaming service viewing. In contrast, Netflix and Amazon Prime Video capture 8.2 per cent and 3.5 per cent of the market, respectively. This indicates that even among subscribers, engagement with Apple TV+ content is relatively low.

Another challenge for Jobs’ Mob is that the streaming industry is highly competitive, with established players such as Netflix, Disney+, and Amazon Prime Video dominating the market. Apple's late entry and its comparatively limited content library make it less worthwhile to shell out cash for.

Some analysts suggest Apple's overarching strategy for Apple TV+ remains unclear. The service aims to bolster device sales or serve as a supplementary offering to offset declining iPhone sales. This ambiguity may hinder focused efforts to make the platform profitable.

 The Information's Wayne Ma said: "Apple does not have internal data on whether that strategy ultimately led to higher device sales.”

Netflix co-CEO Ted Sarandos said: "I don't understand it beyond a marketing play, but they're really smart people. Maybe they see something we don't.”