Apple's Sub Numbers

Apple is the most valuable company in the world. So it tracks that all its subscription services would be doing very well. And they are, except for Apple TV+.

Here’s what we know:

• $1bn/year in losses

• 45M subs

• $5bn/year spent on content since launch in 2019

Here’s how Apple TV+ sub numbers stack:

• 301.6M subs - Netflix

• 124.6M subs - Disney +

• 116.9M subs - Warner Bros. Discovery

• 77.5M subs - Paramount+

• 53.6M subs - Hulu

• 45M subs - Apple

• 36M subs - Peacock

CEO Tim Cook has come down pretty hard on this division, and $500M was cut from the budget in 2024.

But Apple TV+ has a larger problem: high churn. After 6 months, over 65% of subscribers cancel. We would love to see a world where Apple finances 300x $1M indie films for the price of F1 and amass a big library, which would reduce their churn. But alas, that is not their strategy.