Apple is reportedly working on a TV and movie streaming service of its own, having held talks with a number of television groups.

The service could be announced later this year, and would essentially offer users a number of TV channels that would be smaller and less expensive than traditional cable TV bundles. What could the service mean for traditional TV models?

TV streaming services are nothing new, but they are growing, both in number and in popularity, and for good reason. They offer far more flexibility than traditional cable TV models, and are often cheaper too.

An Apple TV streaming service could completely disrupt the TV industry. There are a number of reasons for this, including the fact that Apple already has so much power in the tech industry.

If Apple were to offer a streaming service, it would likely not just apply to owners of the Apple TV, but also other Apple products such as the iPad and iPhone. Users could have access to TV channels essentially wherever they go, without having to download external apps like Netflix. Not only that, but services like Netflix often have a limited selection.

If Apple is able to partner with a large number of TV channels and offer a large selection to users, the company could make serious waves against services like Netflix. Even if it doesn't, however, offering its service at the right price point could lure customers.

Apple is reportedly in talks with groups like Disney, Fox, CBS and Discovery, and could include networks like ABC, CBS, ESPN and Discovery Channel. This is already a pretty good selection, despite the fact that nothing has been confirmed yet.

To a certain extent, Apple offering a streaming service is simply another nail in the coffin of traditional TV.

Apple has been rumored to be working on a streaming service for around five years now, and the company could distinguish itself from other streaming services through offering the so-called "skinny" streaming package that focuses on the larger TV channels and leaves out the smaller and less important channels that are often found in cable-TV packages.

However, the service will likely not include any channels from NBCUniversal because of Apple's falling out with NBCUniversal's parent company, Comcast. Apple and Comcast were reportedly working on partnering to offer a service, however Apple believed Comcast was stringing Apple along with its focus on its X1 set-top box.