Apple (AAPL) - Get Report is switching its television streaming strategy to better compete with market leader Netflix (NFLX) - Get Report by shifting focus to acquiring older movies and television shows for Apple TV+, a Tuesday media report says.
Apple's video programming executives have taken pitches from major Hollywood television studios about licensing older content for Apple TV+, sources told Bloomberg. The Cupertino, Calif., tech giant has already bought some shows and movies.
More than six months after launch, Apple TV+ has fewer than 30 original movies and TV shows from which viewers can choose, while rival Netflix routinely adds and subtracts more than double that number of non-original programs from its platform every month.
Netflix is by far the market leader when it comes to paid subscribers, with the company's first-quarter figures showing 183 million paying global subscribers after it added 15 million in the quarter.
Apple TV+ hasn't had as smooth a launch as some of its competitors, according to Bloomberg sources. While the company boasted about 10 million new signups in its first three months of operation, only about half of those signups actively used the service.
Meanwhile, Disney+ signed up 10 million users in the first day of its U.S. launch and has now surpassed 50 million subscribers.
Apple shares at last check were up 0.4% at $316.32. Netflix shares were 0.9% higher at $456.66. And Disney slipped 2.2% to $114.24.