Apple TV+ original movie “CODA” won an Oscar for Best Picture at 94th Annual Academy Award and became the first streaming service to ever earn such an honor. The Wall Street Journal believes Apple’s “boutique-store approach” has paid off and made it “a critical darling” with tastemakers.
Launched in November 2019, Apple TV+ choose to offer a small but versatile library of movies, shows, documentaries, kids’ shows, and more. Although the Apple TV+ is far behind its much more successful rivals like Netflix, and Disney+ and currently, does not offer a profound catalog, its strategy of prioritizing quality over quantity has paid off.
Michael Nathanson, a media analyst with MoffettNathanson said that;
“It appears that Apple, due to a lack of library and [intellectual property] portfolio, has really tried to stick to quality over quantity.”
Apple TV+ is expected to have 12 million paying subscribers in the U.S.
As per the report, Apple TV+ meager $4.99 monthly subscription has allowed the tech giant to add another source of revenue for the company which has had an upward growth graph in the past two years. It is expected that the streaming service has about 12 million subscribers in the United States.
Apple’s streaming offering is part of a push the company has made to diversify its revenue sources beyond iPhones and other hardware sales. Revenue from its services business, which includes Apple TV+ subscriptions, rose by about 24% to $19.5 billion in the October-to-December quarter.
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.
In addition to the latest wins at the 2022 Oscars, Apple TV+ has been awarded several other awards and accolades for shows like “Ted Lasso”, “The Morning Show”, and others.
Since the debut of Apple TV+ just over two years ago, Apple’s series and films have earned 240 wins and 953 nominations, including recognition from the Academy Awards, SAG Awards, BAFTA Film Awards, Critics Choice Awards, Critics Choice Documentary Awards, NAACP Image Awards, Daytime and Primetime Emmy Awards, and more.