Apple Inc (AAPL  ) is refining its strategy in Hollywood after spending over $20 billion on original TV shows and movies that have yet to attract large audiences.

The company aims to control project spending by holding regular budget meetings with studio chiefs Zack Van Amburg and Jamie Erlicht, Bloomberg reports.

The studio invested over $500 million in movies from directors Martin Scorsese, Ridley Scott, and Matthew Vaughn and over $250 million in the World War II miniseries "Masters of the Air."

Despite these investments, many projects, except "Killers of the Flower Moon," failed to perform well, with "Masters of the Air" attracting fewer viewers than a Japanese show on Netflix Inc (NFLX  ).

Apple's streaming service captures only 0.2% of TV viewing in the U.S. This is significantly lower than competitors like Netflix, which sees more monthly views than Apple does in a day.

Apple plans to make its streaming business more sustainable by paying less upfront for shows and canceling underperforming series faster.

Netflix commanded a market share of 22% in the second quarter of 2024, with Disney+ at 11% and Apple TV+ at 9%, as per Statista.

AAPL Stock Prediction For 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Apple have an average 1-year price target of $230.6, representing an expected upside of 1.59%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 2 analysts have bearish recommendations on Apple, while 34 analysts have bullish ratings. The street high price target from Loop Capital is $300.0, while the street low from Barclays is $164.0.

Price Action: AAPL shares traded higher by 0.77% at $226.04 at the last check on Monday.