Dubbed iTunes Replay, the service would allow iTunes shoppers to build out their digital video collection without worrying about the space needed to store the often hefty media files. AppleInsider says it's uncertain whether Apple plans to charge for the service, which is said to support both iTunes Movie and TV show purchases.

The article notes that by storing their video content for them and allowing users to stream it for viewing as often as they want, "Apple would essentially be offering a media center alternative." The iTunes Replay service could also improve the experience of the company's Apple TV set top box, allowing users to stream purchased media directly from Apple's servers without ever syncing or copying files between Apple TV and a computer running iTunes, and without filling up the devices' limited hard drive space, which currently tops out at 160 GB.

When it comes to the Apple TV, Business Insider says that the rumored iTunes Replay could potentially mean:

° A cheap Apple TV with no hard drive. "A video equivalent of Apple's cheap AirPort Express Wi-Fi device, which lets you stream iTunes audio to your stereo, perhaps?"

° Over-the-air (or at least Wi-Fi) streaming to the iPhone, iPod touch, and other devices.

The downside: "Streaming requires an uninterrupted, reliable Internet connection. So it's not going to replace iTunes downloads entirely," notes Business Insider. "Won't help for taking your laptop on a plane or taking your iPod touch in the subway."

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