For as long as we can remember, Apple analyst Gene Munster has been promising that a smart TV from Cupertino was just around the corner. Now, he's finally admitted it probably isn't happening.

Munster issued an official response on Tuesday to a recent Wall Street Journal report revealing Apple's failed attempt to make a 4K television. Within the short note, he highlights that Cupertino was in fact working on the rumored TV. However, he also admits to missing the real issue holding Apple back.

Here's the key quote, via MacRumors:

"We have been talking about an Apple television for the better part of the last decade. While it is a small consolation that the article affirms that Apple was actually working on a television during that period, in the end we were wrong in our constant expectation of the product. Originally we had expected that content was the reason for the delay; however, we misidentified the true reason for delay, which was a lack of perceived killer features as reported by the WSJ. We incorrectly assumed that a combination of Siri, FaceTime, a TV app store, and PrimeSense based motion control could be compelling enough as a unique feature set for the device."

Munster goes on to predict what products Apple may be working on instead of a TV set. He suggests that Apple will release an upgraded Apple TV set-top box in the near future. Down the line, Munster also predicts that Cupertino may jump into the virtual reality or augmented reality market within the next five years.

We have a feeling this won't be the last time Munster makes a similar prediction now that the Apple television dream is seemingly dead.