Cook said the price drop will hopefully make the set-top streaming box "more accessible" to a wider audience.
In addition to the price drop, Apple also announced a new exclusive partnership with HBO to bring a streaming service called HBO Now to Apple TV, which will cost $14.99 a month and include HBO's entire catalogue of TV and movie content - no cable subscription required.
To date, Apple has sold more than 25 million Apple TVs, a device it once called "a hobby."
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