Revamped Apple TV edition coming in September, report says

CUPERTINO, Calif., Aug. 1 (UPI) -- As the nationwide cord-cutting movement continues to gain steam -- and a greater market share -- Apple Inc., plans to unveil a new version of Apple TV later this summer, a report said Friday.

The new digital media hardware will reportedly be announced at an Apple event in September, news website Buzzfeed reported.

According to the report, the new set top device will feature greater storage, a faster processor and Siri voice compatibility. However, USA Today pondered Friday whether that would also include an expanded lineup of digital media applications, such as Netflix and Hulu.

Apple TV, which debuted in 2007, is a fast-growing alternative to conventional subscription-based TV service. In fact, it could have as many as 7 million subscribers by the end of next year, Business Insider reported in March.

Analysts say Americans are "cutting the cord" with pay TV providers at a higher rate than ever before -- as evidenced by the success at Apple, with Google's Chromecast and HBO's new standalone service HBO Now.

"It's a significant overhaul of the diminutive set-top box, which hasn't seen a material refresh since 2012," Buzzfeed Managing Editor John Paczkowski wrote in an article Thursday. "One that Apple hopes will inspire a big upgrade cycle through the annual winter holiday consumer binge, setting the stage for the subscription internet-TV service Apple's been trying to get off the ground for years."

Paczkowski also noted that Apple has historically used the September event to announce new iPhones and other iPhone-related news -- which might still happen this year, in addition to the Apple TV news.