On November 2019, the Cupertino tech giant launched its own video streaming service Apple TV+. Although as an all-original content provider, the streamer failed to attract a decent number of subscribers in 2020 during the COVID-19 pandemic, the tides are turning now gradually.
JustWatch reports that in the past 1.5 years, Apple TV+ has gained 6.2% of the global market share at a time when its competitors like Netflix and Prime Video are struggling. In March this year, the streamer’s market share was 5.6%.
Apple TV+ saw 29% growth in the past 1.5 years
Although Netflix still holds the biggest share of the video streaming market, the company is experiencing a subs drain. After reporting slow growth in subscribers, Netflix saw a loss of 200,000 subs in Q1, 2022. In Q2, 2022, the company reported a loss of a million subscribers and a 2% drop in market share.
On the other hand, Apple TV+’s slow and steady approach to the win is bearing fruit. As per the report seen by iThinkDifferent, From January 2021 till August 2022, Apple TV+ grew by 29% and traditional platforms saw a decline in growth; “Prime Video and Netflix which both respectively decreased by 19% and 14%.”
Last year, Netflix’s co-founder and former CEO, Marc Randolph mocked Apple TV+’s poor performance and held its long free trial period and limited content catalog responsible for its very slow growth. Randolph suggested Apple Studios get into the video streaming service with “both feet” and give people a reason to stay.
“If Apple spent one quarter as much time on content as they do on giveaways they really could play,” Randolph said. “They have no excuse [and] they’re still not in it with both feet. They really have to do the entrepreneurial thing and walk up to the edge of the cliff and jump.
He went on to explain that Apple TV+ has the “highest churn rate” out of all the available streaming services. “You can’t keep replacing people,” he said. “You’ve got to give them a reason to stay.
Looks like the Studio took his advice and has been updating its library with new content regularly. Recently, the streamer announced 5 new movies premiering at the 2022 Toronto International Film Festival (TIFF), starring big Hollywood names like Jennifer Lawrance, Zac Efron, and Ewan McGregor.