If you have the Apple TV 3, then you shouldn’t be asking this question any more as there have been no further updates about any jailbreaking success for this iOS product. But if you own a 2nd or 4th generation ATV, then you have better chances of jailbreaking. But before you do it, weigh your decision well.
Of course, one of the biggest reasons you should think twice before taking the risk of jailbreaking your Apple TV is because you will void your warranty since this is against Apple’s terms of service. Another problem is that you will no longer get the standard iOS updates for your ATV once it is jailbroken, so you won’t get to enjoy any new features or services for your device. Your Apple TV will usually automatically check for updates and if you don’t disable this action, then you will keep on receiving prompts to update your iOS, which can be quite irritating. If you do accidentally accept an update for your Apple TV, then you will lose the jailbreak and you will have to start the whole process again.
But for some people, the downsides of ATV jailbreaking are much, much fewer than the perks, and they happily take on the risks to open up their devices to a whole new world. You gain access to even more media content such as Kodi. You can install 3rd party apps as well as Hulu and XBMC among other tools. You have more options to customize your Apple TV menu and setting, and so much more. Plus the process can take just an hour or less, even for those who aren’t too tech savvy.
If ever you feel you are ready or your really need to jailbreak your ATV, here is a handy guide for jailbeaking an Apple TV 4.