The company introduced the ability to rent certain episodes of television programs for $0.99 each last September, in conjunction with the rejiggered Apple TV.
AllThingsD quotes an Apple spokesman as saying, "iTunes customers have shown they overwhelmingly prefer buying TV shows."
Earlier this month, Apple added TV shows to its iCloud for iTunes offering. This gives users the ability to re-download purchased TV content on their iOS devices, Mac and PC computers and to stream via the Apple TV. This ends up negating the need for rentals in the first place.
News Corp. and Disney were the only two players to jump on the iTunes TV rental bandwagon, and we're not surprised that the concept failed to gain traction. After all, the difference between $0.99 and $1.99 is already minimal, especially when the $1.99 product allows a users to rewatch that content on other devices anytime they want.
Amazon.com still offers TV rentals through its Instant Video program. Some programs, like the classic HBO series Oz are priced only 60 cents an episode less than buying the episodes on iTunes.