Apple Reaps $1 Billion in Paid Subscriptions

For studios screaming that they are incapable of holding onto subscribers to make money to pay residuals, it feels awfully funny to read Apple has raked in $1 Billion in paid subscribers.

Apple revealed the number in its quarterly earnings report, disclosing total revenue of 81.8 billion, a decline of 1 percent from a year ago. This the third consecutive quarter to see a decline in revenue from Apple, thanks to slower sales of its hardware devices, like the iPhone and Mac lines. Net income was $19.9 billion. Overall revenue for the company was down 1 percent from last year thanks to slower iPhone and Mac sales. However, the company’s streaming is taking off like never before as they are now among the juggernauts of Hollywood power players. The total number also includes subscriptions through apps on the app store. The company did not break out how many subscribers used which service, beyond the topline 1 billion figure it shared with investors.

On the company’s earnings call, CEO Tim Cook said that Apple TV+ had hit a revenue record, and touted the addition of soccer superstar Lionel Messi to Major League Soccer’s Inter Miami. Apple has the global exclusive rights to MLS.

“We are focused on original content and so we are all about giving great storytellers the venue to tell great stories and hopefully get us all to think a little deeper,” Cook added. “And sport is a part of that because sport is the ultimate original story.”

The elephant in the room that did not come on the call was the ongoing WGA and SAG strikes. of course, for Apple, its content business is a tiny piece of the overall pie. Apple’s total profits last quarter were nearly double Warner Bros. Discovery’s total revenue in the quarter, with WBD noting that it is firmly in the content business.