IT WASN'T THE APPLE TV+ SPEND, IT WAS THE APPLE TV+ STRATEGY

Summary from the TLDR newsletter

Apple made a series of strategic blunders with regard to Apple TV+. The company clearly thought it could use its clout to bully its way into making massive Hollywood hits, but the move was miscalculated - even the marketing was bad. Netflix is the only real tech company that has bent Hollywood to its will and that's largely because it had a great strategy from the beginning and stuck to it, while also being malleable enough as needed. Expectations and strategy have seemingly reset within Apple - the company is now changing to meet the market it arrogantly walked into.