Apple is in active talks to license more films from major Hollywood studios as it seeks to bolster Apple TV+, according to Bloomberg.
Apple has traditionally focused on original productions for its streaming platform, but it is increasingly looking to expand its offerings by acquiring programming from the extensive libraries of established studios, sources familiar with the matter claim. While Apple TV+ has seen some success with original series such as "Ted Lasso" and "The Morning Show," these hits have been relatively few and far between, and the service has struggled to match the extensive catalogs of competitors like Netflix and Disney+.
Apple TV+ launched in November 2019, positioning itself as a premium service with a slate of high-quality, original content. Despite receiving critical acclaim and numerous awards, including 72 Emmy nominations this year, Apple TV+ has not garnered the same subscriber base as its competitors. According to the research firm MoffettNathanson, only 11% of U.S. households use Apple TV+, compared to 55% for Netflix. The limited scope of content available on Apple TV+ is apparently seen as a significant factor contributing to its slower growth. Data from Antenna indicates that streaming services with larger content libraries, like Netflix, experience lower cancellation rates.
In an effort to address this, Apple has already begun experimenting with licensing. Earlier this year, the company licensed approximately 50 movies from Hollywood studios for its service in the United States, adding popular titles such as "Mean Girls" and "Titanic" to its catalog. The positive reception to this initial batch of licensed films is said to have encouraged Apple to pursue additional deals. These discussions aim to license even more titles, potentially expanding the service's offerings internationally as well as domestically. Simultaneously, major studios such as Warner Bros., Discovery, and Disney are increasingly open to selling their content to rivals to boost revenue.
