Google I/O continued today and with it came some refreshing news for Google TV owners. Later this year it will be getting a new re-vamped version of the Android Market Play Store.

Google TV has always been a few steps behind when it came to updates, whether minor or major. Mostly because of what kind of device it is. With the update, you’ll see subscription billing support added in. It’ll also enable Movie, Music and TV show purchases. With this update, which is set to arrive “later this year”, it’ll bring Google TV up to date with other Android smartphones and tablets.

Any of our readers own Google TV? Will this update do you guys any good? Let us know in the comments.