Apple Ditches Plus Sign From Streaming Name, Sparking Confusion Among Consumers

If you subscribe to multiple streaming platforms, there's a good chance one of them has "plus" or "+" in its name. One of the streaming platforms is ditching the plus sign in a rebrand, a move that is sparking confusion with its other products.

• AAPL is showing upward bias. Get the market research here.

Apple's New Streaming Name

Apple announced it is changing the name of its streaming platform from Apple TV+ to Apple TV. The name change comes ahead of its highly anticipated streaming release of "F1 The Movie."

"F1 The Movie" will debut on the newly named streaming platform on Dec. 12, following its status as the highest-grossing Apple movie of all time.

The film, starring Brad Pitt, grossed $629 million worldwide and is the highest-grossing sports film of all time.

"We're beyond excited to bring this exhilarating, cinematic ride to fans everywhere through Apple TV's unparalleled global reach," the film's producer Jerry Bruckheimer said.

In the press release about "F1 The Movie," Apple briefly mentioned the new streaming name.

"Apple TV+ is now simply Apple TV, with a vibrant new identity," the company said.

The new name is already sparking confusion, as Apple also has an Apple TV digital media player and an app named Apple TV.

In fact, the press release announcing the name change may cause more confusion regarding the availability of the streaming app.

"Ahead of its global streaming debut on Apple TV, the film continues to be available for purchase on participating digital platforms, including the Apple TV app."

Another sentence tells consumers that the "Apple TV is available on the Apple TV app in over 100 countries."

The release also says that anyone who purchases and activates a new Apple product, including an Apple TV, gets three months of Apple TV for free.

Read Also: Apple’s iPhone 17 Lead Times Remain High: Gene Munster Says ‘Data Reinforces The Optimism’

New Streaming Focus?

Apple's streaming platform is far from its top-performing asset or revenue driver, which could be why it often gets less attention than other platforms.

In recent years, Apple has ramped up its production of original films and shows, and has also invested in purchasing sports rights, including those from Major League Soccer and Major League Baseball.

Apple is also reportedly interested in acquiring the media rights to the Formula 1 racing league, which is owned by Liberty Formula One (NASDAQ:FWONA) (NASDAQ:FWONK). This would follow the success of the company's film about the racing league.

These items have improved the content library and the justification for consumers to subscribe. This comes with Apple recently raising the monthly price for its streaming plan from $9.99 to $12.99.

Apple has yet to launch an ad-supported plan for its streaming platform, with many industry experts believing it is only a matter of time.

Deepwater Asset Management Managing Partner Gene Munster recently highlighted Apple's price increase as a "small example of a big opportunity" for the tech giant.

Munster said Apple is increasingly looking to boost its revenue per device through items like subscriptions and price increases for services and hardware.

"I believe investors will increasingly focus on that metric as a barometer for the health of the business," Munster said.

The investor estimates that the price increase for Apple's streaming platform could add $430 million in "high margin revenue" annually. The projection assumes roughly 60 million paid subscribers, each paying an average of $6.50 per month after discounts.

Munster predicted that Apple's price increase could be done to get the segment closer to a profit, with an estimated $1 billion annual losses currently.

“I believe Apple’s intent is to gradually close the gap between Apple TV+ expenses and revenue, turning what has been a negative-margin venture into a profitable one over time.”

The new name change by Apple could be just a rebrand or it could be the start of something more and perhaps a renewed focus on streaming by the company. It could also precede Apple changing the name of its TV products and app and launching new products in those areas in addition or instead.

• Disney Raises Streaming Prices: Is Disney+ Now More Expensive Than Netflix?

Photo: Shutterstock