TV service

A new Apple TV featuring 99-cent television show rentals is currently in the works, a report from GigaOm blog, NewTeeVee, claims.

According to NewTeeVee, which cited unnamed sources, Apple is currently trying to coax television studios into allowing the company to offer TV rentals for just 99 cents each on the as-yet announced new version of the Apple TV. Currently, Apple offers consumers the chance to buy television shows on its Apple TV set-top box for $1.99 for standard-definition episodes, and $2.99 for high-definition episodes.

Although details from NewTeeVee's sources are scant at this point, the blog said that "the consumer will have 30 days to start watching the video." As soon as they start watching an episode, they will need to complete it within 24 hours, or else the rental will expire, NewTeeVee reported.

Apple hasn't immediately responded to request for confirmation.

Since its launch in 2007, the company hasn't done much with Apple TV. Save for some software updates, a hard drive update, and a price drop, the company has largely ignored the "hobby."

Meanwhile, Google is attempting to capitalize on the potential entertainment void in the living room with its Google TV service. The software will potentially be coming to several hardware products. The first, Logitech's Revue, is scheduled to hit store shelves later this year.

Given the competition, and all the rumblings surrounding the Apple TV, speculation abounds over when Apple will finally release a follow-up to its set-top box. Back in May, a report surfaced from Engadget, once again citing an "anonymous source," saying Apple will be releasing a new set-top box that will run on the company's A4 chip, and include iOS 4. The report claimed the device will retail for $99 when it's released. Since then, we haven't heard Apple or any of its employees hint that such a product will be hitting store shelves anytime soon.

So, as with any Apple announcement, it's important to take the NewTeeVee report with a grain of salt. But given the competition the Apple TV is now facing, it seems believable.