Apple Unveils IPod Touch, Revamped Products
September 05, 2007: 02:17 PM EST

NEW YORK -(Dow Jones)- Apple Inc.'s (AAPL) iPod Touch, which uses the iPhone's touchscreen capability, was the centerpiece of the company's revamped iPod lineup unveiled on Wednesday.

The iPod risked falling under the shadow of the iPhone - Apple's combination cell phone/iPod that has captured the industry buzz for most of the year. When the iPhone was released, Apple Chief Executive Steve Jobs said the much ballyhooed device was "the best iPod ever." As such, investors were looking for an iPod with comparable capabilities.

Jobs answered it with the iPod Touch, which shares the same touchscreen technology that was the trademark of the iPhone. The device also features the ability to connect to Wi-Fi Internet hotspots and a full Internet browser.

The device will sell for $299 for the 8-gigabit version, and $399 for a 16- gigabit version.

To complement the new device, Apple unveiled an iTunes Wi-Fi music store. Customers can preview and purchase the song over the Web using a Wi-Fi connection to their iPod Touch.

Jobs also unveiled a new version of the Nano, which Jobs said was the most popular music player in history. The new Nano is wider to accommodate a 2-inch video screen and metal design. A four-gigabit Nano is $149, while the eight- gigabit version is $199.

The video iPod has been renamed iPod Classic and will come with double the memory. The low-end Shuffle product, meanwhile, will come with additional colors.

The latest batch of iPods met the usual fanfare and buzz surrounding an Apple product, and to the expected "oohs" and "ahhs" from the Apple faithful.

Apple also unveiled tweaks to its popular iTunes digital music store. Customers pay 99 cents for a song from iTunes, and will be able to create a custom 30-second ringtone clip for their iPhone for an additional 99 cents. The feature will launch next week.

Apple's iTunes features 6 million songs. The service is the nation's No. 3 music retailer behind Wal-Mart Stores Inc. (WMT) and Best Buy Co. (BBY).

The iPod update is the first in about two years and comes about two months after Apple introduced a newer lineup of iMacs, the desktop computers that occupy another important part of Apple's product lineup.

Analysts contend that Apple is also set to update its Apple TV digital media center next.

Earlier Wednesday, Microsoft Corp. (MSFT) cut the price of its own digital music player, the Zune, by $50 to $199. The rival device has been received tepidly, and has failed to dent the iPod's market position.

Shares of Apple traded recently at $141.93, down 1.5%.

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