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The cheapest way to make a TV smart has long been a Chromecast. Google’s small streaming puck costs about £30-40 and is still the absolutely cheapest option. It works with both Android and iPhone (albeit a bit more limited with the latter).
Otherwise, the most common services are built into Playstation and Xbox. It has far from everything available, but it’s good for playing both popular streaming services and local media.
Of course, it's smart to stick to the same system in your home.
Of course, it’s not a necessity, but it does make life at home a little smoother.
Need help setting up your media player? We've found a guide for Chromecast here and a guide for Apple TV here. You decide which seems easiest.
The problem with smart TVs, especially older ones, is that they do not update. This causes apps to “fall away” or stop working because the system is too old.
Separate media players may experience the same thing, although this is not always the case. Both Apple TV 4 (now called Apple TV HD) and the first generation Chromecast are still going. The same thing, however, cannot be said for some other media players used with Android TV. Read up on what the manufacturer says about the matter before you make a purchase.