Taking a cue from Netflix, Apple is considering a proposal to produce its own films and television shows. According to a report, the Cupertino-headquartered tech titan also made an unsuccessful bid to promote a motoring show with Richard Hammond, Jeremy Clarkson and James May after the three quit Top Gear earlier in 2015.

According to IB Times, Apple may be trying to find ways to use its whopping financial reserves, which is said to be over $200 billion, to produce original content, including television series and feature films - something similar to what Netflix and Amazon are doing alongside with their video-streaming services.

It is reported that Apple has set up a unit within the company to send out feelers and hold initial talks with Hollywood executives regarding their interest in any potential venture. Sources told Variety that this unit will report to Eddy Cue, Apple executive in charge of Apple TV content and the company's new music-streaming service, Apple Music. Variety quotes a 'high-level executive' in the TV and film industry as saying that Apple's aims to create development and production divisions that would produce long-form content for streaming. In effect, this would in essence see Apple take on Netflix, which currently produces content 'House of Cards' and 'Orange Is The New Black' among others. However, it is not known if Apple is focusing on TV, films or both.

While Apple has refused to comment on these claims, other sources have asserted that Apple made a bid to secure former Top Gear presenters Clarkson, Hammond and May to promote a motoring show. Now, the trio has signed up with Amazon, which will be streaming 36 episodes of its own motoring show over the next three years to customers paying an annual subscription of £79 (roughly $120) for its Prime service.

Meanwhile, speculation regarding Apple entering the TV and film business is no something new. In fact, for several years there have been rumors that Apple may produce its own television and accompanying broadcast service. These rumors gained momentum in 2011 since the time of former Apple boss Steve Jobs.

Apple has already entered the streaming business when it launched Apple Music and the Beats 1 digital radio station earlier this year. Both these services are fronted by Zane Lowe. According to sources, original content efforts here - some music videos created with Apple backing - may possibly grow to become part of a larger business, which would compete against Netflix.