Podcast Summary: The Town with Matthew Belloni

Episode: Apple's True Intentions in Hollywood—With Top Exec Eddy Cue
Date: October 14, 2025
Host: Matt Belloni (The Ringer)
Guest: Eddy Cue (Apple Senior Vice President of Services)

Overview

In this episode, Matt Belloni sits down with Eddy Cue, Apple’s longtime SVP of Services and the main executive behind Apple’s Hollywood push, to dig into the motivations, business strategies, and future plans behind Apple’s investments in entertainment. Cue addresses the industry's burning questions: Why is Apple spending billions on content? Are they committed for the long run? Is Apple TV about prestige, profit, the brand—or something else? The conversation tackles financial transparency, theatrical releases, the company’s unique model, churn, sports rights, rumors of studio acquisitions, and Apple's vision for global engagement and inclusion.

Key Discussion Points & Insights

1. The Apple TV Rebrand & Hollywood's Fascination (05:26–07:00)

• Eddy Cue explains the recent rebrand from "Apple TV+" to "Apple TV"

  • The decision was internally driven, not based on consultants:

    "We all called it Apple TV and we said, given where we are today, it's a great time to do it, so let's just do it." (05:38 – Eddy Cue)

  • Potential for confusion with hardware is dismissed—“Apple TV 4K” is for hardware, "Apple TV" for the service.

• Apple's role in Hollywood

  • Apple is seen as both a boon and a mystery: they spend big, work with top-tier talent, create admired content—but don't play by standard industry rules, leading to outsider speculation.

2. Apple’s Streaming Philosophy & Business Model (07:01–09:50)

• Not Trying to Be Biggest—Trying to Be Best

  • Cue insists:

    "We're not content to be niche. We're content to be the best...We're not trying to be the most, but we are trying to be the best." (07:23 – Eddy Cue)

  • Apple’s goal is not volume, but quality storytelling with top creators.

• On Profit, Growth, and Subscriber Numbers

  • Apple TV service is "doing fine," with growth and an evolving library, but specifics are tightly guarded.
  • Cue confirms subscribers are growing "at a much higher rate" than industry estimates (>40M–45M), but declines to publish hard numbers:

    "We haven't said what our numbers are, but we're significantly more than that." (09:23 – Eddy Cue)

3. Mass vs. Prestige Programming (10:00–14:50)

• Is Apple TV “for everyone”?

  • Cue believes so, citing diverse programming: “We have shows that are for everyone…a show like 'Severance'... 'Formula One' is that not for everyone?” (10:04 – Eddy Cue)

• Monitoring Performance

  • Weekly viewership metrics are tracked, but the focus remains on delivering great content versus chasing numbers for their own sake.

4. Spending, Theatrical Releases & Creator Relations (11:15–14:43)

• Content Spending

  • No major pullback despite rumors—Apple is always seeking efficiency but hasn’t cut TV Plus budgets outright.

• Theatrical Strategy

  • Apple takes a "case by case" approach, having scaled back after some theatrical disappointments, but hints at future wide releases following F1's theatrical success:

    "We would like to have wide release movies in 26 and 27 and 28 and 29." (13:20 – Eddy Cue)

• Brand Halo Debate

  • Cue adamantly denies the common theory that Apple TV exists mainly as a ‘brand halo’:

    "We didn't start this as a halo to the Apple brand...We viewed that we could build a real, credible, great business in this." (14:23 – Eddy Cue)

5. Engagement, Library Strategy, and Studio Acquisition Rumors (16:13–19:16)

• On Engagement & Library Licensing

  • Cue says engagement is "quite high" given the size of the catalog, proud of Apple’s unique approach (originals only, no big licensed library).

• Why Not Buy a Studio?

  • Prefers organic growth to buying established companies, despite persistent market rumors about HBO, Warner Bros, or even Disney:

    "We like building things ourselves and creating them. And we think that that's how we can really stand out." (18:24 – Eddy Cue)

• On Churn

  • Churn rates have improved as the library and content pipelines build out; sports and diverse shows help. Apple’s $12.99/month price with no ads is a competitive point.

6. The Sports Rights Business (20:39–24:39)

• Apple’s Sports Play: End-to-End vs. Leased Rights
  • Prefers owning rights for an entire sport (as with MLS) for a seamless user experience, not picking up scattered games or packages like competitors.

    "We'd like to own a sport end to end so that we can offer customers what we do today..." (21:17 – Eddy Cue)

  • Not interested in partial rights (e.g. NBA, NFL) for fragmented fan experiences.

7. Podcasts, Content Boundaries, and Global Growth (22:48–30:58)

• Why Not "Own" Podcasts?

  • Apple supports independent podcasting platforms, doesn’t see the need to replicate Spotify or Amazon’s content-buying spree.

• Content Guidelines

  • "Not afraid of any content…if it’s not gratuitous" (25:59 – Eddy Cue).
  • Avoids news/current affairs programming and horror, but does not shy from mature or controversial topics (e.g., "The Morning Show").

• On Global Expansion & Diversity

  • Apple TV is available "everywhere in the world" via multiple platforms; specifics about international subscriber breakdown or year-over-year growth withheld.

8. KPIs for Content Leadership & Success Measures (30:26–32:34)

• How Apple Judges Its Originals Team
  • Eddy Cue looks for two core KPIs:
    • Internal benchmarks of quality
    • Viewer response and growth
  • "Awards are a bonus," not a primary target.

9. The Future of Apple in Hollywood & Industry Consolidation (27:54–29:36)

• Long-Term Commitment

  • Cue is explicit:

    "We're going to be in this business in 10 years." (28:17 – Eddy Cue)

  • Dismisses speculation that Apple’s Hollywood venture is fickle or subject to leadership changes.

• Industry Consolidation

  • Not surprised by potential further studio mergers, acknowledges “real opportunity” in media.

10. Inclusivity, Critiques & Cultural Positioning (29:23–34:49)

• Addressing ‘Dad Shows’ and Diversity Critique

  • Cue points to international programming and a growing, diversified slate.

• Exclusive Originals vs. Licensed Catalog

  • Apple is committed to exclusivity for its original shows, even as they exist alongside classic movies available through other apps on Apple TV.

11. The Studio, Emmys, and Fun in Hollywood (34:49–36:56)

• Apple’s Emmy-Winning Show “The Studio”

  • Celebrates working with creators, values the team:

    "They helped us achieve, created what I think is one of the best studios in the world today." (33:09 – Eddy Cue)

• On Personal Favorites

  • Cue mentions "Godfather," "An Affair to Remember," "Stripes" as most-watched movies—but notes they're not exclusive to Apple TV.

• Is Hollywood Fun?

  • Despite the work, the challenge is fun thanks to the quality of people involved:

    “When you get to work with great people, it’s a great day.” (36:15 – Eddy Cue)

Notable Quotes & Memorable Moments

• On Building Over Buying:

  "We like building things ourselves and creating them. And we think that that's how we can really stand out and do unique things." (18:24 – Eddy Cue)

• On Success:

  "If we do great things, it always helps the brand. But we didn’t start the business because we thought, oh, this is a good halo for the Apple brand.” (14:23 – Eddy Cue)

• On Theatrical Strategy:

  "We're going to make the call as when we think it's the right thing and when we don't think it's the right thing, we won't. We'll go streaming and we'll do a different thing." (13:28 – Eddy Cue)

• On Longevity in Hollywood:

  “We're going to be in this business in 10 years.” (28:17 – Eddy Cue)

• On Apple’s Unique Content Model:

  “We don't put our brand on other people's products. We don't do it on anything else that we do. And so why would we do this here?” (17:18 – Eddy Cue)

• On the Meaning of “Best”:

  “Everybody says they want to make the best content. That's different than actually doing it.” (30:58 – Eddy Cue)

Timestamps for Notable Segments

| Segment | Topic | Timestamp | |---------|------------------------------------------------------------|------------| | 1 | Apple TV Rebrand & Why Hollywood is Fascinated | 05:26–07:00| | 2 | Apple’s Content Philosophy & Business Model | 07:01–09:50| | 3 | Mass Appeal vs. Niche Content | 10:00–14:50| | 4 | Spending Strategy & Theatrical Release Debate | 11:15–14:43| | 5 | Brand Halo, Profitability & Subscriber Questions | 14:10–16:13| | 6 | Library Licensing, Studio Acquisitions | 16:13–19:16| | 7 | Churn & Value Proposition | 19:28–20:39| | 8 | Sports Rights Strategy | 20:39–24:39| | 9 | Podcasting & Content Boundaries | 22:48–26:58| | 10 | Industry Consolidation & Apple’s Long-Term Plan | 27:54–29:36| | 11 | Diversity Critique & Global Reach | 29:23–34:49| | 12 | Awards, Fun, and Personal Favorites | 33:40–36:56|

Conclusion

This episode provides an uncommonly direct glimpse behind Apple’s guarded Hollywood curtain. Eddy Cue doubles down on quality over quantity, insists that Apple’s ambitions are business-driven and durable, and rebuffs acquisition rumors. He affirms the company’s unique approach—from content curation to sports rights to operating without a licensed library or embracing outright podcast production. For Apple, success is about creating globally relevant, high-quality originals and slowly layering in new categories that support a broader, long-term vision for the company's place in entertainment. Despite the mystery Apple maintains, Cue's answers make one thing clear: Apple is in Hollywood to stay.