- Fans of the hit workplace thriller “Severance” celebrated its renewal for a third season just days after the season two finale aired. Apple TV+ called it the platform’s most-watched series to date.
- Despite critical acclaim and Emmy success, Apple TV+ is reportedly losing over $1 billion annually, trailing competitors like Hulu in subscriber numbers.
- Apple’s strong financial position mitigates concerns about streaming losses, but other services, including Fitness+ and News+, are also facing reduced profitability.
Full Story
Fans of Apple TV+’s hit workplace thriller woke up Friday, March 21, to big news. “Severance” season three is officially happening.
The renewal came just days after the season two finale aired. Apple announced the news in a press release, calling “Severance” the most-watched series on its streaming platform to date.
That’s no small feat. The psychological drama has become a fan favorite and award winner — earning 14 Emmy nominations and two wins in its debut season.
“The idea of getting to make more ‘Severance’ with the greatest cast and crew on Earth is more thrilling to me than all the world’s finger traps combined,” said Dan Erickson, the show’s creator, writer and executive producer.
‘Severance’ season 3 to build on critical success
Season two continued exploring the mysterious world of Lumon Industries. The show maintained its surreal tone while diving deeper into the struggle between work and personal identity.
Viewers also met new characters and watched employees face even greater challenges inside the shadowy corporation. The show’s dark humor and eerie style remained a signature part of its appeal.
Despite the success of “Severance,” Apple TV+ is not in the black. According to a new report from The Information, Apple’s streaming platform is losing over $1 billion a year.
While Apple bundles TV+ with services like Apple Music and iCloud, CEO Tim Cook has remained reserved when speaking about its streaming division in earnings calls.
Still, those bundled services performed well during the 2023 holiday quarter. Together, they brought in $26.1 billion in revenue, showing the tech giant’s overall strength.
Subscriber numbers still behind rivals
Apple has never officially released subscriber numbers for Apple TV+. However, The Information reports the service had 45 million users last year, compared to 53 million for Hulu.
Yet, the financial losses may not worry Apple much. According to The Wrap, Apple holds a net cash position of $57 billion, making its TV+ losses relatively minor in the big picture.
Other Apple services lagging
“Severance” season three isn’t the only headline for Apple’s media arm this week. The same report suggests other services like Apple News+, Fitness+, and Apple Arcade have also seen a slowdown in usage and profits.
Apple has not publicly commented on the report.
