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Apple is scaling back its spending in Hollywood after investing more than $20 billion in original programming with limited success, according to Bloomberg.

The shift comes after the streaming service, which launched in 2019, struggled to capture a significant market share, accounting for just 0.2% of US TV viewers, compared to Netflix's 8%. Despite huge investment, critical acclaim and numerous award nominations, Apple TV+ reportedly gets less viewership in a month than Netflix does in a single day.

Apple's initial foray into streaming was marked by big investments in high-profile projects and talent, including deals with big names like Oprah Winfrey, Steven Spielberg and Jennifer Aniston.

Apple has spent more than $500 million combined on films directed by Martin Scorsese, Ridley Scott and Matthew Vaughn, and despite strong critical acclaim and awards nominations, the projects haven't generated the ratings Apple had apparently hoped for.

The company's new strategy is said to include tighter budget controls and a more cautious approach to spending. This includes reducing upfront fees for shows, canceling underperforming series more quickly, and delaying productions to better manage costs.