The future of over-the-air TV is in the cloud. Or at least that’s what Aereo’s banking on.

Startup company Aereo held a press conference in New York this morning to announce its new service, which allows subscribers to access live and recorded over-the-air TV on their iPad/iPhone for $12 a month. The service is limited to New York City at launch and will be invitation-only until March 14.

Aereo’s tiny antennas, which are about the size of a dime, allow the company to stick thousands of them in a single “antenna array.”

Aereo’s subscribers will be able to tune in to live TV on any of the major networks in New York (including CBS, NBC, Fox, ABC, CW, PBS) or schedule recordings just like on a traditional DVR. There’s no traditional DVR hardware to buy or rent, however. Subscribers will simply launch the app that behaves just like a DVR, complete with a grid of live TV listings and a list of their shows recorded (and stored) not locally, but in on Aereo’s cloud servers.

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