Apple has reportedly dropped the price for the 160GB version of the Apple TV to $229 (previously $329). Often touted by Apple as a “hobby,” the Apple TV never really took off, but now, it may have a second chance, CNet News reports.

The publication points out to existing evidence ahead of the price cut that the Apple TV was getting cheaper – the 2TB Time Capsule. However, the same report says, Apple admitted that $199 was a sweet spot at this year’s iPod show, yet failed to bring the Apple TV to this standard.

“Apple TV gives you access to an easy-to-navigate world of entertainment,” the Mac maker says on its website. “Rent HD movies. Buy HD TV shows. Listen to your iTunes music. Even show off your photos. Connect one HDMI cable and, just like that, Apple TV turns your TV into so much more,” the description goes.

Besides introducing new iPods, a new version of iTunes, and iPhone OS 3.1, Apple was widely believed to prepare Apple TV updates as well, for its annual, music-focused event. “It’s Only Rock and Roll” saw the introduction of the aforementioned updates, but no word of any changes with this almost invisible pillar of Apple’s business.

The Apple TV supports H.264 and protected H.264 (from the iTunes Store): up to 5 Mbps, Progressive Main Profile (CAVLC) with AAC-LC audio up to 160 Kbps (maximum resolution: 1280 by 720 pixels at 24 fps, 960 by 540 pixels at 30 fps) in .m4v, .mp4, and .mov file formats. The iTunes Store purchased video is 320 by 240 pixels, 640 by 480 pixels, 720 by 480 pixels (anamorphic), or high-definition 720p – also supported by Apple TV. Customers connect the Apple TV to their widescreen TV via an HDMI cable (sold separately), which delivers both audio and video.