Apple TV+ is reportedly in talks to license movies from other Hollywood studios in an attempt to expand its current movie streaming catalog.
People familiar with the situation revealed that the company is in discussion with several studios to acquire streaming licenses for their movies.
Apple to Acquire More Programming for US, Global Subscribers
Apple TV+ is known for showcasing its original productions. The streaming platform is home to several popular TV series like "Ted Lasso," "Severance," "Silo," and more.
The platform also received 72 Emmy nominations for this year across its 16 programs, proving that this year is the company's strongest streaming year so far.
However, Apple has been suffering from low turnout for its original movies. "Argylle" which starred Dua Lipa, Henry Cavill, Bryce Dallas Howard, and John Cena, failed to impress its subscribers.
Apple Explores Licensing Opportunity
Earlier this year, Apple experimented by licensing 50 movies from other Hollywood studios. The platform saw an increased viewership and subscription after adding titles like "Mean Girls" and "Titanic."
The new report showed that the tech giant could plan to invest more in licensing other popular titles and make them available internationally. Currently, only 11% of U.S. households are subscribed to Apple TV+; a pale comparison compared to the 55% of Netflix.
Customers have proven to be less likely to cancel a subscription, regardless of price hike, if they find new shows to watch out for. Netflix continuously offers both original and licensed titles of shows, resulting in its low cancelation rate.
Apple is likely to invest more in its streaming venture after the company reported a $23.9 billion quarterly revenue for the service in the second quarter of 2024.
