Apple's TV strategy explained

Instead, it's pouring money into smaller investments that focus on how people will be using and consuming media in the future, according to Apple senior vice president Eddy Cue.

In a discussion with CNN's Dylan Byers at SXSW in Austin, Texas, on Monday, Cue said the company isn't "throwing things up against the wall" to see what sticks.

"The financial part ... isn't the issue," Cue said. "The issue," he said, is finding the right investments.

Earlier in the day, Apple (AAPL) announced it is acquiring Texture, a digital magazine subscription service known as the "Netflix for magazines." Financial terms were not disclosed.

The service, which costs $9.99 per month for 200 magazine downloads, will be integrated into current Apple News offerings. Apple News provides iOS users personalized news and information from a variety of news organizations.

"We want to give you a bit of serendipity to see all of what's out there," Cue said. "We're not trying to just give you the most popular stuff for you but some of the articles that you should be reading. We want that serendipity."