Apple Inc (AAPL  ) is in talks with major Hollywood studios to license more films for its Apple TV+ streaming service.

This move aims to expand its library and attract a larger audience by offering a mix of new and classic content.

Apple has approached several top studios to acquire more programming for its customers in the US and internationally, Bloomberg reports.

Apple TV+ has primarily focused on original productions. Despite successes like "Ted Lasso" and "The Morning Show," the platform has struggled to compete with giants like Netflix Inc (NFLX  ).

To address this, Apple recently licensed about 50 movies, including classics like "Mean Girls" and "Titanic," and is now looking to expand this effort.

With its extensive library, Netflix has one of the lowest cancellation rates, while Apple TV+ experiences higher churn. In addition to licensing more films, Apple aims to enhance its service by exploring new strategic partnerships.

Recent reports indicated that Walt Disney Co (DIS  ) is focusing on increasing "hours per subscriber" to enhance viewer engagement and compete with Netflix. Disney is working on personalized algorithms to recommend content.

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

In May 2023, analyst Tim Long estimated that Apple TV+ contributed only 2% to Apple's services revenue, Barron's reports. He projected that the streaming service would generate $1.5 billion in revenue in 2022, which would grow to $2.2 billion in 2023.

Needham analyst Laura Martin recently stated that selling CTV ads exclusively on AppleTV+ could boost Apple's revenue growth by 140 basis points, potentially doubling the current consensus growth rate of 1% for fiscal 2024.

Price Action: AAPL shares traded lower by 1.90% at $224.52 at the last check on Thursday.