Video playback quality has been enhanced to take advantage of the tablet's technology, and numerous big fixes have been introduced.
Users of other Apple devices will also benefit from the update, with smoother playback and improved support for voice commands having been incorporated.
The BBC reported record viewing figures during the Olympic Games. Its televised coverage reached 51.9 million viewers, and video content across all digital platforms saw a whopping 106 million requests.
Its iPlayer app for iPad was named the most popular free application among UK users back in May, when the broadcaster revealed a 94% increase in mobile traffic compared to the same period in 2011.
The BBC iPlayer application is available as a free download from iTunes and the App Store.