Netflix co-founder Marc Randolph has some advice for Apple. He thinks the company needs to really commit by spending more money on content for Apple TV+ to successfully compete in the streaming market.
Analysts estimate Apple’s streaming service has about 40 million subscribers, while rival Disney+ announced Thursday it has 94.9 million. Industry giant Netflix had 204 million at the end of 2020. And reportedly, most of Apple’s are on free trial offers.
Randolph told told Yahoo Finance on Thursday that Apple has “no excuse” for being as far behind its competitors as it is.
Apple TV+ needs to be in it ‘with both feet’
Randolph — who left Netflix years ago — points out that streaming video customers go the services that have the most shows and movies. “What you have to demonstrate is that you have the content, content, content.” Although Apple TV+ is steadily building its library, its selection of 50 or so offerings is dwarfed by what’s available on Netflix and Disney+.
And the former Netflix CEO throws shade on Apple’s efforts. “If Apple spent one quarter as much time on content as they do on giveaways they really could play,” he told Yahoo Finance. He pointed out that Apple has the money to be a competitor. The company’s market capitalization is over $2.2 trillion, and it had $196 billion in cash at the end of its last fiscal quarter.
He says the iPhone-maker needs to be more committed. “They’re still not in it with both feet,” said Randolph.