The new version of the Apple TV will be "a significant overhaul of the device," according to the report, and will introduce its own App Store in addition to adding Apple's virtual assistant Siri for the first time.
Apple is said to be planning to announce the new Apple TV at its World Wide Developers Conference in June, and will also debut a software development kit allowing app developers to create their own apps for the streaming box.
The interior of the Apple TV is said to be getting an overhaul as well. Apple will include a version of its A8 chip as the processor, and will increase the internal storage "well beyond the 8 GB in the current device."
The new report from Buzzfeed News appears to back up an earlier report from 9to5Mac's Mark Gurman which revealed Apple's would announce a slimmer version of the Apple TV complete with its own App Store and newly designed remote in the summer.
Interestingly enough, the Apple TV started out as a "hobby" product for Apple, but after reaching more than $1 billion in sales in 2013, Tim Cook has since said, "It's a little more difficult to call it a hobby these days."
Apple is also said to be developing its own TV subscription streaming service to launch in the fall, according to The Wall Street Journal, which will offer "about 25 channels, anchored by broadcasters such as ABC, CBS, and Fox, and would be available on Apple devices such as the Apple TV."