Core Insights - Apple TV+ is experiencing growth due to a strong content portfolio, including successful shows like Murderbot, Severance season 2, and Mythic Quest season 4 [1] - The service achieved a record-breaking 81 Emmy nominations this year, highlighting its competitive edge in original content [2] - Apple TV+ revenues are included in Apple's Services business, which saw a 13.3% year-over-year growth to $27.42 billion [4] Content Performance - Severance received 27 Emmy nominations, while The Studio made history with 23 nominations, contributing to Apple TV+'s overall success [2] - The original film F1: The Movie grossed over $500 million globally, with additional revenue expected from streaming and video-on-demand [3][11] Financial Performance - Services revenues, including Apple TV+, accounted for 29.2% of Apple's third-quarter fiscal 2025 sales, with double-digit growth in paid accounts and subscriptions [4][11] - The Zacks Consensus Estimate for Services sales is projected at $28.04 billion, indicating a 12.3% growth year-over-year [5] Market Competition - Apple TV+ faces significant competition from Amazon Prime Video and Netflix, with market shares of 21% and 20% respectively, compared to Apple TV+'s 8% [6] - Netflix's subscriber growth is driven by a strong localized content portfolio, while Amazon's advertising business is also contributing to its revenue growth [7][8] Stock Performance and Valuation - Apple shares have declined 9.8% year-to-date, underperforming the broader technology sector [9] - The forward 12-month Price/Earnings ratio for Apple is 29.24X, higher than the sector average of 27.65X, indicating a premium valuation [16]