What does the next Apple TV need in order to succeed?

An Apple TV update has reportedly been in the cards for a few months now, and late last week, reports suggested that the much-awaited new version of the set-top box would arrive this fall. But the question on everybody’s mind is exactly what such an update will entail. The existing Apple TV has grown long in the tooth without a really substantial update since the second-generation version appeared in 2010. (The third generation, which debuted in 2012, added a better processor and support for 1080p.) No surprise there for a product that Apple executives have repeatedly categorized as a “hobby.” Meanwhile, competitors like Amazon, Roku, and Google have continued to raise the bar, adding support for apps, better search features, and new form factors. But Apple makes its bread and butter not by being first, but by entering a populated category and being the best. So when a new Apple TV does arrive, what might it bring?