Apple considered buying media and entertainment company Time Warner Group as part of its move into producing its own content.
Eddy Cue, who oversees the iTunes store, Apple Music and iCloud discussed the idea while meeting Olaf Olafsson, the head of corporate strategy at Time Warner, according to sources reported in the Financial Times.
The revelation follows news that Apple would develop its own television show that emerged earlier this year.
According to the Wall Street Journal, it will be loosely based on the life story of Dr. Dre, who grew up in the Los Angeles suburb Compton before catapulting to success as the producer of the rap group N.W.A.
Spotify recently added a "Shows" tab to its long-existing music streaming service, offering content from outlets including the BBC.
"Apple's cash flow would also allow it to easily purchase the rights to major sporting events or other hot content areas," he said.