Apple sold $1 billion worth of Apple TVs last year, plans to expand

Some people have Etsy shops or play a bit of poker on the side. But when Apple has a hobby, it turns into a rapidly growing business that has become a foothold in the living rooms of millions. CEO Tim Cook said on Friday that Apple had sold more than $1 billion worth of Apple TVs in the last year, according to Reuters. He went on to admit that the “hobby” label that had been applied to the little black box may no longer be appropriate.

Apple Inc sold more than $1 billion of Apple TV set-top boxes in 2013 and is investing heavily in the next generation of products, Chief Executive Tim Cook said at the company’s annual meeting on Friday. Apple’s ability to again transform the fast-moving technology arena is the central question in investors’ and Silicon Valley executives’ minds as the company’s growth slows, and rivals like Samsung Electronics Co Ltd and Google Inc take chunks out of its market share. Industry executives and Apple observers continue to believe that the company will come up with some sort of wearable device, like a smartwatch, and speculation persists about a long-rumored TV product of some sort to shake up the living room viewing experience.