Apple probably do have an equivalent of a man in a shed, tinkering away, and he's probably called Jon Ives, with some other chaps in the Apple equivalent of a brown storemans coat working on the software.
Found it - the reference to it as a hobby -
clicky.
“We're in two busineses today, we'll be very shortly in three business and a hobby. One is our Mac business, second is our music business, third business is the phone business, handsets. And the hobby is Apple TV. The reason I call it a hobby is a lot of people have tried and failed to make it a business. It's a business that's hundreds of thousands of units per year but it hasn't crested to be millions of units per year, but I think if we improve things we can crack that.”