Apple working on something completely different? Reuters

Technology giant Apple Inc, which started offering re-downloads of selected TV shows a few days ago, is set to launch its new re-downloading and streaming service called iTunes Replay.

The new feature will give users access to movies they bought in January 2009 and will be available on Apple TV, and most likely on iOS. Anything regarding desktop service is still unknown.

iTunes Replay is an extension of Apple’s iCloud, where users can re-download for free all their previously retailed music. Users, however, will only be able to get access to all the TV shows as well as the movies as soon as Apple secures all the remaining rights. Selected content will only be available for download only five times.

Apple may also look to put iTunes under a separate banner as to that of iCloud and make them two different services in the market. The name "iTunes Replay" is being separately used internally at the moment until Apple makes it public.

Apple, with iTunes Replay, will compete with the popularity of Spotify, Netflix and Hulu Plus. Like Netflix and Hulu, the user may be able to stream retailed content from any computer as long as it’s stored on Apple’s servers.

iTunes Replay is expected to arrive in coming weeks, according to an Appadvice report.