The Apple TV+ drama “Severance” and the HBO Max medical series “The Pitt” have only one thing in common: Both shows center on a workplace.

OK, two: Both are favorites to be named best drama at this Sunday’s Emmy Awards.

But that is really about it.

In fact, the many major differences between the shows say a lot about the competing tensions in the TV business right now. Here’s how, and what it might mean for TV’s future:

1. The Money

‘Severance’

Apple executives ordered “Severance” in November 2019, just a few days after the company introduced its Apple TV+ streaming service. At the time, media and tech companies spent lavishly on programming to compete with one another, an era known as Peak TV.

Like some of its competitors, Apple TV+ was willing to spare no expense for megawatt stars and elaborate productions. In the second season of “Severance,” the one being considered for an Emmy this weekend, its budget reportedly swelled to $20 million an episode. Apple declined to comment for this article.

‘The Pitt’

By the time HBO Max ordered “The Pitt” in 2024, more than four years after Apple ordered “Severance,” the Peak TV era had effectively died. Facing pressure to show profits from their streaming services, many media executives slammed the brakes on the number of shows they were willing to greenlight and the number of expensive productions they would agree to.

At the same time, the industry marveled at the popularity of long-running and far less expensive network and basic-cable dramas — like “Grey’s Anatomy,” “Suits” and “Criminal Minds.” Those shows filled up Nielsen’s year-end most-watched streaming charts. So HBO Max executives tried to reboot “ER,” the former hit NBC drama. That plan was dropped — but it did eventually spawn “The Pitt” (as well as an ongoing lawsuit).