The invention has inspired the company to associate with Walt Disney Company to make TV shows available for purchase the day after their initial airing. As per the deal, episodes of five series including Lost and Desperate Housewives, sans commercials, will be available on the video iPod for $1.99 each.

The newly launched iPod features a 2.5-inch color screen which can display album artwork and photos, and play video including music videos, video Podcasts, home movies and television shows. The new iPod holds up to 15,000 songs, 25,000 photos or over 150 hours of video and is available in a 30GB model for $299 and a 60GB model for $399, with both models available in stunning white or black designs.

The new iPods will begin shipping next week for a suggested retail price of $299 (US) for the 30GB model and $399 (US) for the 60GB model through the Apple Store (www.apple.com), Apple‘s retail stores and Apple Authorized Resellers. All iPod models include earbud headphones, USB 2.0 cable, case, dock insert and a CD with iTunes for Mac and Windows computers, states an official release.

"The new iPod is the best music player ever-it‘s 30 percent thinner and has 50 percent more storage than its predecessor-yet it sells for the same price and plays stunning video on its 2.5-inch color screen," said Apple CEO Steve Jobs. "Because millions of people around the world will buy this new iPod to play music, it will quickly become the most popular portable video player in history," he adds