In its first big commission, Apple announced that it had struck a deal with Spielberg's Amblin Television and Universal Television to create ten episodes of the fantasy anthology Amazing Stories.
Screenwriter Bryan Fuller (American Gods, Star Trek, Hannibal) is attached to the project, which had a new cast and director each week during its original two-season run between 1985 and 1987.
Apple is set to invest almost $1 billion in acquiring and producing original TV shows over the next year.
After years of selling other companies' TV shows and movies in its iTunes store, Apple has taken the plunge into Hollywood and begun competing with those same companies for the rights to produce future TV series.
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In the last earnings report the EPS was $2.22 and is expected to be $1.93 for the current year with 28,407,000 shares outstanding. Currently, 363.6 million total shares are owned by the public and among those 360.39 million shares have been available to trade.
Each episode will sport a sumly $5 million dollar budget, suggesting the eps will be as epic as most of those in the original run.
NBC Entertainment President Jennifer Salke said: "We love being at the forefront of Apple's investment in scripted programing and can't think of a better property than Spielberg's beloved "Amazing Stories" franchise".
It is still unclear how Apple will release its shows - or when.
Apple is entering a competitive field of original programming and will face not only the traditional studios' output, but also that from the like of Netflix, Amazon, and Hulu. It could revamp Apple Music, where Apple's Carpool Karaoke and Planet of the Apps are found, or it could launch a whole new subscription service.