NEW YORK (TheStreet) -- If, following Carl Icahn's open letter to Tim Cook, you had hopes of buying an Apple (AAPL) television set anytime soon, you're likely to be disappointed. But that doesn't mean Apple won't still eventually control your living room.
The Wall Street Journal reported that Apple has put aside its plans to reinvent the television set, noting the company could not come up with a killer feature to differentiate the set from those already out there from the likes of Samsung (SSNLF), LG, Sharp and others. The television set market is a $565 billion-a-year industry, according to Apple shareholder Carl Icahn, whose letter to Apple CEO Tim Cook asked Apple to buy back even more stock than it already is, and said he expects Apple to introduce an ultra-high-definition TV next year.
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Apple has been able to reinvent consumer electronics markets before, including the MP3 (iPod), the PC market (Mac), the tablet market (iPad), and most notably, the phone (iPhone). For the iPod, the game changer was iTunes, while the App Store has been the game changer for the iPad and iPhone. It has also added design, aesthetics, ease-of-use and simplicity to help grow these into multi-billion dollar businesses.