(Reuters) - Apple ( AAPL ) is losing more than $1 billion a year on its streaming service Apple TV+, the Information reported on Thursday, citing two people familiar with the matter.

Apple ( AAPL ) has spent more than $5 billion a year on content since launching Apple TV+ in 2019 but trimmed that budget by around $500 million last year, the report said.

The company did not immediately respond to a Reuters request for comment.

Apple TV+ is known for its original shows like Ted Lasso, The Morning Show, Shrinking and Severance, many of which have won several awards.

Still, the service has lagged behind streaming rivals Netflix, Disney+ and Amazon.com's Prime Video in terms of subscribers.