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Steve Jobs on Apple iTelevision: "TV is a terrible business"

After revolutionising the mobile phone with the iPhone, and the PC with the iPad, all eyes turned to Apple with the expectation that it would soon transform the TV market. Now, however, new information has emerged suggesting that Apple may never get into the television business at all.

For years the rumour mill has been churning out reports that the Cupertino clever-clogs are engineering a television to rule all televisions. Apple analyst Gene Munster has been one of the most enthusiastic supporters of the idea, telling Business Insider that it "will be the biggest thing in consumer electronics since the smartphone."

Despite his certainty, the months have ticked by and no Apple TV has emerged.

Some hopeful Apple fanatics had thought this might be because the Californian company wanted to make sure the TV was absolutely perfect before release, but new evidence suggests that Apple never wanted to manufacture televisions in the first place.

Yukari Iwatani Kane is the Wall Street Journal's former Apple beat reporter and has just released a book about Apple called "Haunted Empire: Apple after Steve Jobs." In it, she claims that Jobs instructed top executives before his death that releasing a TV would be bad for business.

At his final Top 100 meeting, a super-secret gathering of Apple's top executives and managers, he was asked by an employee whether Apple would soon release a television.

According to Yukari, "Jobs didn't hesitate." He said, "No."

Expanding on his dismissal, Jobs explained that "TV is a terrible business.They don't turn over and the margins suck." Compared to smartphones, he has a point. Most of us will change our handset every year to eighteen months, whereas a TV gets replaced every eight years.

In the four years since that assertion, Apple still doesn't have its own television set. Whilst it has a little video-streaming box known as Apple TV, a full 60in HD iTelevision seems unlikely.

Still, the plot thickens when we consider what Jobs told his biographer Walter Isaacson before he died. "I'd like to create an integrated television set that is completely easy to use," he said. "It would be seamlessly synced with all of your devices and with iCloud.. It will have the simplest user interface you could imagine. I finally cracked it."

So which statement is right? And as the world's spotlight beams down onto the wearable technology craze, will Apple even have the time to turn its attentions to a home entertainment system?