Along with the release of iOS / iPadOS 16.3, Apple today also released tvOS 16.3. tvOS 16.3 is available for Apple TV 4K and Apple TV HD and is six weeks removed from the previous version, which added Apple Music Sing functionality.
The tvOS 16.3 update is available as an OTA update via the Settings app on Apple TV, under System > Software Update. Apple TV owners who have automatic software updates turned on will automatically be updated to tvOS 16.3.
Apple tvOS updates are usually small, focusing on fixing internal bugs and improving stability and performance, rather than introducing new features. There’s no word yet on what the tvOS 16.3 update includes, and no features were found during testing.