This was shared by TF International Securities analyst Ming-Chi Kuo (via Twitter) who has a long and reliable history with Apple, saying that the new device will launch in the second half of 2022. He also noted that the cost structure will be more "aggressive" as the tech giant looks to help consumers with the ever-rising cost of living.
It's also looking to compete further with the likes of Google Chromecast, Roku and Amazon's Fire TV. The most recent Apple TV model was released in April 2021 and is available with 32GB at $179 / £169 AU$249 and with 64Gb at $199 / £189 / AU$279.
T3 has reached out to Apple for comment.
"Apple will launch a new version of Apple TV that improves cost structure in 2H22," said Kuo. "I think that Apple's aggressive strategy of integrating hardware, content, and service amid the recession will help close the gap with its competitors."
While Apple has not revealed any official figures regarding the number of Apple TV Plus subscribers there are, it did reportedly state to the International Alliance of Theatrical Stage Employees in July 2021 that it has fewer than 20 million subscribers in the US and Canada (via Variety).
With Disney Plus growing to 137.7 million subscribers and Netflix stagnant at 222 million, Apple clearly wants a bigger piece of the pie. It's worth noting that a three-month subscription to Apple TV Plus is included when you buy an Apple TV device.