Apple Takes Full Control of Severance in $70M Streaming Power Move
Apple has secured full ownership of the hit dystopian thriller Severance in a deal worth around $70 million. The move follows the company's strategy of investing heavily in premium, award-winning content for its streaming platform, Apple TV+. Filming for the show's third season could start as early as this summer.
The acquisition from Fifth Season gives Apple complete control over Severance, one of its most-watched series. Since its debut in 2022, the show has earned 27 Emmy nominations and won eight awards. Apple now plans to produce future seasons in-house and is exploring spin-offs, a prequel, and international adaptations.
Apple's approach mirrors Netflix's successful model of building a vast library of original shows. While Apple TV+ has an estimated 45 million subscribers, the service reportedly loses over $1 billion annually as it expands its content. Despite this, the company remains focused on high-quality, creator-driven programming rather than quantity.
Recent years have seen Apple TV+ roll out or announce major productions, including Silo, Ted Lasso, The Morning Show, Foundation, and Slow Horses. Upcoming projects feature adaptations like Neuromancer (2024) and Murderbot (2025), as well as Seth Rogen's The Studio (2025). The platform's growth aligns with Apple's history of entering markets gradually before dominating them, as seen with the iPhone, iPad, and AirPods.
The Severance deal reinforces Apple's position as a premium player in streaming. With plans for new seasons and spin-offs, the series will remain central to its content strategy. The company's long-term investment in original programming continues, even as its stock trades at 33 times earnings, reflecting confidence in its growth.
