Apple just came off of a smoking hot quarter, but now everyone is thinking what the future holds for the technology juggernaut. There are talks about the obvious- iPhone 5 and iPad 3, then there are talks about new Macbooks, and lastly talks about Apple’s physical TV set or iTV as I like to think of it.

I’ve been meaning to comment on it for awhile now, but what better time to discuss the potential of iTV than now?

It’s obvious that Apple won’t just put out a tv set to say they have one and compete against the dominant players like Samsung and Sony in the space. Knowing the Apple we know, they’ll put out something truly unique and disruptive to say the least, to which all of our jaws will drop to the floor.

So what do I think the key features of iTV will be? Here’s what I think:

• iTunes will be integrated
• You will be able to download apps on it
• You will have an a la carte style of programming selection (more below)
• The tv itself will come with hard disk space (or flash memory) to record shows, which will eliminate the need for a separate DVR
• Ability to use your iPhone/iTouch/iPad for the remote

I’m sure there will be more features than I mentioned and while some of the listed features are probably obvious, the one thing I’m really betting Apple will introduce is a la carte programming.

For years, television programming has never changed. Either you have cable, satellite, or something free over the air. Now we have options like Netflix, Hulu, Amazon prime, etc- but those don’t count.

I have a feeling that Apple will introduce a way to subscribe to individual channels for individual subscription costs. Meaning if you want to watch ESPN, CNBC, and CNN for example, you pay for only those channels through iTunes or something connected to the iWorld. Americans pay a lot for cable or satellite and yet we only watch a small handful of the hundreds of channels we pay for. What a waste- it’s like buying dinner for 4 when all you are feeding is yourself. Why pay $40, $60, $100 or more per month for things you don’t even care for? Instead why not pay for individual subscriptions say $1.99, $2.99 or even $4.99 per month, depending on the channel? Imagine the subscriptions for a middle aged businessman versus a young high schooler versus a grandmother. The options are limitless.

I think Apple would have introduced the iTV by now, if they could get these content deals in place, but the major thing holding up the announcement of the iTV is probably structuring these deals. I’ve heard of reports saying they’ve been working on the iTV for multiple years and unless they’re making a tv set that projects a virtual hologram, I don’t think the technology would take them “years” to refine.

Just think about it for a minute, “cutting the cord,” all the hype in the media these days, but actually doing it with the sense that you are saving money and only paying for what you want. A nice clean bill for your favorite network of channels.

Think about the cash flow from something like this. Suits everything they’ve done in the past. Reoccurring revenue from iTunes after you buy an iPod, reoccurring revenue from the App store once you buy an iPad, a cut from all cellular plans once you buy a subsidized iPhone.

I made an interesting comment among my group of friends recently, stating my opinion of Apple being the first company ever that will reach a trillion dollar market cap. I guess we can start by taking Comcast’s and Time Warner’s and give Apple another $94B to pad that $414B as of writing this article. Maybe add a little Sony dollars in the mix. :)

Sounds like an Apple kind of thing to me. Of course, this is all my opinion and it’s not like I spoke to Steve Wozniak about it.