Apple Inc. says sales of its redesigned set-top box will likely top 1 million units later this week. The device allows consumers to download TV shows and movies, and stream them to high-definition televisions, eliminating the need for late-night trips to the rental video store.

Apple TV owners are clearly TV junkies. The consumer electronics giant says they’re renting and purchasing over 400,000 TV episodes and over 150,000 movies per day.

The approaching one-million landmark highlights Apple TV’s transition from experimental project to potential business, though it remains so small analysts aren’t currently publishing estimates of its impact on Apple’s results. Apple Chief Executive Steve Jobs has even called Apple TV a “hobby” and the set-top device has since taken a back seat to the company’s booming gadget business.

At its current rate, the $99 Apple TV on track to reach the million mark in as little as 84 days. That’ s an impressive accomplishment given the iPhone took 74 days to reach the same milestone.

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