Apple TV+ bet on high-quality content over quantity has paid off at the Oscars. It’s the first streaming service to win Best Picture at the awards show. In addition, the company also took home the Best Comedy trophy for Ted Lasso at the Emmy Awards. A new report by Wall Street Journal unravels exactly that.
According to WSJ, while Apple TV+ hasn’t a deep catalog such as Netflix and Disney+, it has become a “critical darling.” Apart from the Oscars Award Winning CODA, TV+ also got a lot of attention with The Tragedy of Macbeth, Wolfwalkers, Ted Lasso, and The Morning Show.
Apple TV+ has more than 250 wins in award ceremonies and almost 1,000 nominations over its two years of existence.
“It appears that Apple, due to a lack of library and [intellectual property] portfolio, has really tried to stick to quality over quantity,” said Michael Nathanson, a media analyst with MoffettNathanson, to the Wall Street Journal.
The report remembers Apple’s latest quarter that shows revenues from its service business rose by about 24% to $19.5 billion.
While the streaming service, which costs $4.99 a month, makes up a small portion of those revenues, it has grown steadily since its launch. Revenue for Apple TV+ nearly doubled in its fiscal 2021, which ranges from October to September, compared with its fiscal 2020, to an estimated $2.2 billion, according to Toni Sacconaghi, an analyst for Bernstein.
Apple keeps playing the game. When it launched Apple TV+ in 2019, it offered up to a free year whether customers bought a new iPhone, iPad, Apple TV, or Mac. Not only that, but as of today, Apple makes the streaming service available for free for three months for those who buy an Apple device. In addition, some shows are also available for free so users can have a peak of the streaming service experience.
MoffettNathanson estimates that Apple TV+ has about 12 million paying customers in the US. To keep growing, WSJ reiterates Apple’s commitments with more than TV shows, documentaries, and films.
Apple is also venturing into sports as a way to boost interest in its streaming service. It recently struck a deal with Major League Baseball for exclusive rights to a Friday night package of games.
In addition, Apple is among those kicking the tires of the National Football League’s “Sunday Ticket” package, which allows users to watch any game on Sunday, people familiar with the matter said. DirecTV is the current Sunday Ticket rights holder, but that deal will expire after next season.
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