Once again, Apple TV+ made media-business news headlines for all the wrong reasons last week. The Information reported that the five-year-old subscription streaming service is still losing $1 billion a year, with a $5 billion content budget that was trimmed in 2024 by $500 million.

Following up on that report, Reuters cited figures from research company Visible Alpha, which aggregated guesses by five analysts to credibly estimate that Apple TV+ has 40.4 million subscribers. That’s just 32% of the 124.6 million customers amassed globally by Disney+ by 2024’s end. Notably, Disney+ and TV+ both launched in early November 2019.