The news: Apple TV+ is losing more than $1 billion annually, making it Apple’s only unprofitable subscription service. Those losses are adding up despite Apple TV+ reaching 45 million subscribers in 2024, per The Information.

Only 22% of connected TV (CTV) users watched Apple TV+ in 2024, per LG, compared with 45% for Hulu, 61% for Amazon Prime Video, and 66% for Netflix.

Services as the breadwinner: Apple’s growing Services business, which includes iCloud and the App Store, has been propping up the company’s AI ambitions as well as sluggish iPhone sales.

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