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There's a reason you can buy a large high-quality smart television for just a few hundred dollars. Smart TVs are terrible privacy invaders. They monitor and monetize everything you do. It's much more secure to simply turn off the wifi on the TV so it cannot phone home and use your own AppleTV to provide the content you want.
 
today's smart TV
These are an exceptionally horrible experience, they:
  • Track everything you do and watch
  • Have ads, or if they don't they'll be added later
  • Have poor performance
  • Have lackluster format support
  • Require the streaming platform to develop an app for that TV model.
  • Don't have Apple TV's audio enhancement options
Personally, I use home sharing, and smart TVs obviously do not support that.
 
I find Apple TV streaming picture quality is superior (over my TV) when choosing higher format resolution options available in the latest Apple TV 4K, especially in upscaling HD content.
 
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Admittedly if I didn't need to stream my own local ripped content from the Apple TV Mac app I'd struggle to find a use for the hardware.

(I could always use Plex but prefer the Apple interface/ecosystem)
 
You pay for the experience, for like the large screen design, remote control navigation.

Some countries' streaming platforms even charge extre money on their subscription for the television version.
 
Because I can replace the Apple TV with a new model every few years for a couple of hundred dollars whereas I hope the TV lasts ten years!
 
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