Still, the $1 billion could go to fund "as many as 10 television shows", the WSJ reported. Newly acquired Apple employees Zack Van Amburg and Jamie Erlicht will be in charge of managing the original content budget.
Apple may be without its visionary Steve Jobs but the brand is still strong and new releases still garner lots of hype and attention from fanatics.
He was also executive VP of Fox Broadcasting Company, where he worked on series such as Bob's Burgers and Glee, and SVP of original programming at FX.
Apple doesn't have that - but it does have iPhones in hundreds of millions of hands.
Apple appears to be taking original content production very seriously. Last year, HBO spent $2 billion on original programming, while Netflix is on track to spend about $7 billion in 2018.
However, until recently, it didn't really feel like Apple was giving much priority to original content efforts.
Apple in June premiered Planet of the Apps, an unscripted reality television show in the same vein as Shark Tank.
While Apple's first two series launches received a tepid response, the company feels that one hit could turn it into a veritable player in the lucrative video space, according to the Journal.
Apple's presence in livings rooms has also grown thanks to the success of its Apple TV box, which streams video over the internet. Tech companies are looking to differentiate their products, sell subscriptions and potentially attract lucrative TV ad dollars. You can't make great TV shows or movies by throwing money at the problem. Netflix and Amazon already enjoy big leads and have a far bigger budget for programming.
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