Apple Computer iTunes music and video store announced today a new service called Multi-Pass that lets users buy TV shows on a monthly basis.

The first shows available in Multi-Pass format are Comedy Centrals “The Daily Show with Jon Stewart” and “The Colbert Report”. Fans will be able to buy the next month’s series of 16 new episodes via Multi-Pass for $9.99 (which comes to .624375 per episode), or to pay $1.99 per episode. Four episodes air each week and viewers can download each episode after it’s been broadcast.

From the iTMS:

This Multi-Pass includes the most recent episode (if one is available) and the next 15 new episodes of "The Colbert Report". The most recent episodes (if available) will download immediately and future episodes will download as they become available.

This is a great idea and I hope that other content providers for the iTMS get into the act. I especially like the fact that future episodes will download automatically without any more interaction from me. This turns the iTMS into a true subscription service (at least for video content).