Apple has slashed the price of its 160-GB Apple TV set-top box that lets iTunes users buy and store TV shows, movies and music and play them on a high-definition television.

Now buyers will have to part with only $229 to buy 160-GB Apple TV set-top box, $100 less than previous device's price.

Apple TV can also be used to display photos and other content on an iTunes-carrying PC or Mac.

But analyst James McQuivey still believes that Apple TV is not going to last long.

James McQuivey further said, "It's a product they need to morph into something bigger or take it out completely."

On the other hand, Apple has also discontinued the 40-GB version of the home media player.

Apple is also said to be working on TuneKit that will allow company to build its new iTunes LP album in addition to iTunes Extras movie-enriching bundles.