9to5Mac reports that soon iTunes may be renting full length TV shows for $1 a month. So you can subscribe to a show for a year for only $12. If iTunes actually implements this feature I believe that many people may pay for it. Although, Netflix would be its biggest competitor but you can only purchase the shows that you want instead of the monthly fee that Netflix has.
Apple already has a movie rental service through iTunes so it would just be supplemented with TV show rentals at a cheaper price. Now word yet on whether there will be differing prices for standard definition or high definition video. More information at the source.