Apple TV+ Nearly Doubles Revenue in 2021

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Cupertino company Apple chose the quality over quantity path when it came to Apple TV+, Now, it appears that this approach of opting for high-quality content over quantity has paid off at the Oscars. Apple TV+ has become the first streaming service to win Best Picture at the Oscars. Additionally, the tech giant also took home the award for Best Comedy for Ted Lasso at the Emmy Awards.

As per a new report by The Wall Street Journal, Apple TV+ does not have a deep catalog like other streaming giants such as Netflix and Disney+. Nonetheless, Apple TV+ has become a “critical darling”, according to the report. Besides CODA, which won the Oscars, the streaming platform has also received plenty of attention with Ted Lasso, The Tragedy of MacbethWolfwalkers, and The Morning Show.

Since its inception, Apple TV+ has gathered over 250 wins in award ceremonies. It also has had almost 1,000 nominations over the last two years.

Michael Nathanson, a media analyst with MoffettNathanson, said the following in a statement to The Wall Street Journal.

“It appears that Apple, due to a lack of library and [intellectual property] portfolio, has really tried to stick to quality over quantity.”

The report by The Wall Street Journal also mentions the rise in revenue from Apple’s service businesses. As per the report, Apple’s latest quarter shows a rise of around 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.

An estimate by MoffettNathanson suggests that in the U.S. alone, Apple TV+ has around 12 million paying customers. Apple’s commitments to more than TV shows, documentaries, and films were pointed out by The Wall Street Journal once again as the strategy to keep growing.

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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