Apple Chief Executive Tim Cook announced during a company shareholder meeting this week that the total sales of the Apple TV surpassed $1 billion in 2013, according to Reuters.

The average price for an Apple TV is $99 each, meaning units sold surpassed 10 million for the year.

Analyst Horace Dediu of Asymco said on Twitter that he estimates sales of the Apple TV increased by approximately 80 percent compared to the same number in 2012, according to AppleInsider.com.

If those sales numbers are accurate, the Apple TV would then be considered the company's fastest-growing hardware device ever.

Given the success of the Apple TV last year, even without an update to the diminutive streaming device,

Cook admitted at the event that it is hard to continue to call the Apple TV a "hobby" anymore.

"It's a little more difficult to call it a hobby these days," Cook joked with shareholders at the company's headquarters in Cupertino, according to Reuters.

The last couple of years, Apple has referred to the Apple TV as nothing more than a "hobby," which many took to mean they didn't see the product as a major source of revenue, compared to the iPhone, iPod or iPad.

Dediu estimates approximately 28 million units have been sold since 2007, according to AppleInsider.com.

When including the Apple TV in total iOS device sales shipped last year, Apple sent out about 250 million units running iOS in 2013.

Apple has yet to release a formal App Store for its Apple TV.

Bloomberg Businessweek made headlines earlier this month with a report claiming a new Apple TV will be introduced in April. It is not expected to become available for purchase until fall 2014.

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