Apple (NASAQ: AAPL) to Hold Press Event to Announce iPod Touch on Sept. 1.

Posted by on Aug 26th, 2010

Apple (NASDAQ: AAPL) will hold a press conference next Wednesday, in which the company is expected to show off a new iPod Touch model and perhaps a cloud-based iTunes announcement or a new Apple TV.

The event is set for September 1st at the Yerba Buena Center for The Arts, in San Francisco, the same venue that Apple used to introduce the iPad earlier in the year and the same location that Apple has traditionally held its September iPod announcements. CEO Steve Jobs is widely expected to lead the event.

Apple has a reputation for secrecy, has been quiet on details about the new product, but many analysts expect that the new iPod Touch will feature dual cameras, one that’s rear facing and one that’s forward facing. A front facing camera would allow users to make use of “FaceTime”, a video phone calling application available on the iPhone.

Some believe that the new device will also feature the same Retina display that is currently available in the iPhone and that the new model could include more storage capacity, bringing in the iPod Touch more in line with the iPod Classic for storage space. A higher-capacity iPod Touch may signal the end of sales for the iPod classic, the last remaining full-sized iPod with a click-wheel. The single advantage that the hard-drive based MP3 player had over the iPod Touch was its storage space, with that advantage disappearing, the device may disappear from the Apple Store.

Sales of the iPod continue to dominate the MP3 music player market, but sales have slumped in recent months. Sales of the iPod Touch fell 7.7% year over year to 9.41 million units during the second quarter, according to Apple. The company is also hoping that a new model will reinvigorate the franchise.

Some analysts predict that Apple will also make an announcement related to iTunes or the Apple TV. The company is believed to be in late-stage talks with media companies to offer $0.99 rentals of television shows. Rumors are also speculating that Apple will announced new revamped hardware for the Apple TV or a version of iTunes which is based in the cloud.

Apple Inc. (Apple) designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers. In addition, the Company sells a variety of third-party Macintosh (Mac), iPhone and iPod compatible products, including application software, printers, storage devices, speakers, headphones, and various other accessories and peripherals through its online and retail stores, and digital content and applications through the iTunes Store. The Company sells to consumer, small and mid-sized business (SMB), education, enterprise, government and creative customers. In December 2009, the Company acquired digital music service Lala.

Shares of Apple (NASDAQ: AAPL) traded up 0.44% hitting $243.86 during mid-day trading on Thursday.