Independent Apple analyst Horace Dediu has published his thoughts on the Apple TV business model and how it stacks up inside of Apple. Apparently, it is an entirely different product line than any other product that sells, because it it is a small, but profitable enterprise, and because it is slowly but steadily growing over time. In addition, Dediu has managed to deduce how many Apple TVs have been sold on a quarterly basis.

[Source: Asymco]