Fewer than 10% of the Apple device owners eligible to get the company’s Apple TV+ streaming service have taken advantage of the one-year-free offer. That’s the estimate of Bernstein Res…
That’s the estimate of Bernstein Research analyst Toni Sacconaghi, who arrived at the figure through a series of calculations based on the tech giant’s fourth-quarter report and commentary from management. The analyst maintains a “market perform,” or neutral, rating on Apple stock.
In a note to clients, Sacconaghi said the low adoption of Apple TV+, even among those who can get it for free, could have three plausible explanations. Scenario 1: Apple hasn’t succeeded in its promotion of the service, as it juggles it with marketing a range of other new services and devices. Scenario 2: Apple may be “conservatively estimating its ‘take rate’ or deliberately scaling its promotions of TV+ slowly to mitigate the negative accounting impact of its early ramp,” the analyst wrote.
For context, Disney reported drawing 10 million sign-ups for Disney+ on its first day of U.S. availability last November. Netflix has 167 million global subscribers, with a bit more than one-third of those in the U.S. Apple TV+ has no library of licensed fare, unlike fellow new rivals to longtime streaming leaders Netflix and Amazon being launched by Disney, NBCUniversal and WarnerMedia. New shows like
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