Here Is the Apple TV Scoop

tvFans of Apple’s (NASDAQ:AAPL) digital media receiver product can look forward to a software upgrade, but no new hardware at the company’s upcoming media event reports AllThingsD’s Peter Kafka. Speculation about a possible Apple TV product refresh at the September 10 media event began after GigaOM reported that global trade intelligence platform Panjiva had discovered bills of lading that described shipments of “Set Top Boxes.”

However, according to AllThingsD’s unnamed sources, Apple will not be unveiling a new Apple TV set top box at its upcoming media event scheduled for September 10. Instead, Apple will be adding some new features to the device via a software upgrade.

One of these new features will make it easier for users to play content that they have purchased on other users’ Apple TVs. Previously this could only be accomplished by logging onto another users’ device with your own Apple ID.

However, now users will be able to stream their content through another user’s Apple TV by using the AirPlay system. After authenticating the content through an iOS device, the content can be conveniently streamed directly from Apple’s server through the other user’s Apple TV.

Besides adding some user-friendly functions, Apple TV is also likely to get some new content options. Earlier this year, Apple added channels from Sky News, CrunchyRoll, Qello, and Vevo.  However, Apple is also rumored to have entered into direct negotiations with content providers such as Disney’s (NYSE:DIS) ESPN, Time Warner’s (NYSE:TWX) HBO, and Viacom (NYSE:VIA).

Although Apple TV apparently isn’t getting a hardware upgrade anytime soon, it is clear that the Cupertino-based company is focusing more attention than ever on a product that Steve Jobs once called “a hobby.” As digital media streaming grows in popularity, it may not be long before Apple’s minor “hobby” transforms into a significant source of revenue.

Here’s how Apple traded on Monday:

Apple Inc. Stock Chart - AAPL Interactive Chart - Yahoo! Finance

Follow Nathanael on Twitter (@ArnoldEtan_WSCS)

Like us on Facebook to get the latest from Wall St. Cheat Sheet in your News Feed.

Don’t Miss: Did Apple Give This Breaking Bad Fan a Rotten Deal?