Old MacBook Pro does not work with AirPlay

AirPlay

AirPlay Mirroring requires a second-generation Apple TV or later, and is supported on the following Mac models: iMac (Mid 2011 or newer), Mac mini (Mid 2011 or newer), MacBook Air (Mid 2011 or newer), and MacBook Pro (Early 2011 or newer).

Several Apple Articles Regarding AirPlay

Apple TV (2nd and 3rd gen)- How to use AirPlay Mirroring

How to set up and configure AirPort Express for AirPlay and iTunes

Troubleshooting AirPlay and AirPlay Mirroring

Using AirPlay

Do I need a hardware upgrade to make AirPlay work on my approx 5 year old MacBook Pro?

If you consider a new MacBook Pro a hardware upgrade then the answer is yes.

Matt

No, you just need a program called "Air Parrot" It works on my Mid 2010 macbook pro just fine to mirror through apple tv.