Apple is working on a new TV, which will offer individual TV episodes for 99-cent rentals. NewTeeVee, a GigaOm blog, was the first to stumble upon the news. Clearly, Apple does not plan to stay as a casual player in this field, like it says.

According to the information, Apple is pushing TV operators to collaborate on allowing individual TV show renting for just 99 cents each. This would be an economical option from the previous offers of $1.99 for standard-definition episodes and $2.99 for high-definition ones on the Apple set-top box. However, the viewer has to commence watching the bought video before 30 days are over and when started, the episode can be accessed only for 24 hours.

Though Apple has till now declined to comment, this new move would make it a serious contender in the TV business, which Apple declares is just a “hobby”. The new service would make use of cloud thing and stream the videos directly to the viewers, obliterating the need of downloading the same first. About time, after most online video providers like YouTube, Netflix and Hulu have already made the shift.

By cutting their prices to half-that is, if it works out- Apple is eyeing on increased viewership through iTunes. Tentatively enough, Apple’s new trick comes just after Hulu declared the Hulu Plus, a paid subscription service, where a monthly $9.99 suffices for full seasons of many TV shows. Apple just scores higher with additional cable network content availability, which Hulu Plus balks from offering.