And they should double down on it and push to make even more. The whole thing is a prestige badge that raises the standing of the brand, they can find $1-2B down the back of the couch.
They've got some really solid stuff but they need quantity no matter the quality: if I can sign up and binge watch all the shows I'm interested in within the trial period only to find there's nothing to keep me around after that, why would folks stay signed up continuously? Maybe they'll come back for more in a year (then probably forget).
I watch Slow Horses, Silo & Severance, I'm not that interested in anything else; and I generally have pretty broad taste and an open mind. I doubt most folks are into more than 1-3 shows along with trying out the odd movie; and that's really not enough to warrant a constant sub all year round, year on year. I personally support it with a sub as I appreciate not just the show quality but the relatively higher quality video.
They absolutely should try to be more efficient with their spending and I think they'd do well to really try and spread themselves across low, mid and high budget productions more. As well as more genres. They're one of few companies positioned to take the "risk" (I mean, it's barely event that for them..) and take on Netflix etc. at some level.
They should also try and hoover up stuff that gets canned elsewhere. One strength Apple have is they're not slaves to the cancellation algorithm like Netflix, they just seem to be letting shows run the course creator's want. If they differentiate themselves in that regard, try to get quality up front and then just let shows run, that'd be a major appeal to a lot of folks who are fed up with starting shows and only for them to get canned because 'computer said no'. I've been saying it a while, they should throw money at Fincher/Netflix to get Mindhunter. The show is a perfect fit and it'd cement them as a service that wants to see shows through. I know so many folks who are pissed off with Netflix and others cancelling shows they love way too early, and arguably in an unreasonable fashion. Admittedly Mindhunter is less an eg. of this and more just Fincher being insanely finnicky (I mean the guy would prefer not to finish a story than be told he can't CGI clouds in), but to the average consumer, getting to see a show they weren't gonna see otherwise is all that matters.
They may do well to try and license some more stuff from other studios/services/distributors too. Doesn't have to be excessive and they'd have to make sure to implement additional third party content carefully as not to clutter the clean UX up too much, but it could just broaden the appeal enough to help.
I think if they can maintain/increase their quality across the board, triple their content quantity, partially broaden their scope, suck up cancelled shows + see current shows through to cement themselves as supporters of creators and a trusted service for the audience & market to people better, they'd probably fare well in the longer run.
One final area they need to focus on is more generic, smaller scale scenarios that have their strength in characters and the interpersonal. If you look at Apple, they seem to be doing well with "concept shows" so to speak. But if you look at the pinnacle of prestige TV from the likes of HBO it's The Sopranos, The Wire, Deadwood. They're character-heavy. I'd include my personal favourite Six Feet Under, which is much more of a conceptual thing but still heavily driven by characters. If you really look at The Sopranos for eg. not much really happens in the larger scheme of things, some folks get whacked, sure, but it's set amongst the mob. Mostly it's just character development, interpersonal struggles and people doing the same stuff over and over with interesting variations, because it's the characters that make it truly compelling, not the concept. With Apple, I'm not massively drawn to any characters. There's some decent ones in there, but no one comes even close to any of the HBO big hitters. So that's an area they need to explore more if they want that real level of prestige. There's likely a lot of talent around that worked on and around many of these shows in various capacities who have matured and could themselves be primed / tapped to create and run some top tier stuff.