WebTV is the way to go. Apple’s Steve Jobs unveiled a new Apple TV device, which accesses content from the Internet and plays it on a TV, will sell for $99. It is a quarter the size of the original, which cost $229 yesterday. This 4″ square device allows users to rent TV shows for 99 cents and first-run films for $4.99. Alongside renting TV shows and movies, Apple TV users will be able to stream content from video rental site Netflix Inc. Netflix shares closed 7.5 percent higher on Nasdaq.

In addition, Apple also updated it’s iTunes with the networking feature PING, allowing users to recommend songs to friends in their circle.