Apple has released a new Apple TV set-top box, confirming speculation that the company would be updating the product to support 1080p on a day largely centered on high-definition.

Just like we've done for music and TV shows, you now have access to movies you've already purchased in iCloud, said CEO of Apple, Tim Cook.

The product will be priced at the same price point as before, $99. Apple TV is set to be released March 16th.

The new Apple TV retains the same low price of $99. You can get your orders in today, and I encourage you to do that, said Cook.