iPhone 5S? Rumors hint at what's next for Apple

Apple may have just launched the iPhone 5, iPad mini and the 4th generation iPad, but there are already rumors about what Apple will be releasing next.

Business Insider is reporting that Apple may be launching an updated iPhone 5, currently being called the iPhone 5S, as well as the long-awaited Apple television set.

The iPhone 5S is expected to bring higher performance but no design changes to the iPhone 5, just like the iPhone 4S compared to the iPhone 4. An Apple television set would be a completely new product, rather than an update to the AppleTV, which is expected to completely revolutionize cable and television.

Apple has adhered to a yearly release schedule in the past, but recently broke this convention with the release of the 4th generation iPad, which hit the shelves just months after the release of the 3rd generation iPad. Additionally, Apple released the newest version of OS X, Mountain Lion, just a year after the release of Lion; previously, Apple released major operating systems on a bi-annual schedule.

While it's possible that Apple may have some surprises for early 2013, we think it's unlikely that this will include an updated iPhone. Despite the rising popularity of prepaid cellphone plans, most iPhone users are locked into bi-annual carrier plans and iPhone sales would be hindered by the additional cost of breaking these contracts. As for an Apple television set, only time will tell.

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