iLounge

Apple has released QuickTime 7.0.3, an update to its powerful multimedia software. The new version allows owners of QuickTime 7 Pro to create videos that can be played back on the new iPods.

The Oakland-based Bay Area Rapid Transit District is now enabling passengers with iPods to download BART schedules and maps. Using the BART QuickPlanner for iPod, passengers can check on train departure times, view a color version of the official BART system map and download general information about stations.

Arik Hesseldahl of BusinessWeek writes: “Music videos and a few TV shows may be the first of its iTunes video offerings, but Hollywood can’t be far behind. The iPod, the new iMac and a faster wireless network will tie this digital media environment together. If Apple can’t do it right—and make billions of dollars in the process—I don’t see who can.”

The Wall Street Journal reports: “Apple’s foray into video is one of its boldest and riskiest bets yet, and it will test the boundaries of consumers’ appetite for the iPod and the company’s iTunes music store, two offerings that have largely been focused on music. For Hollywood, Apple’s marketing power could help catalyze the business of selling TV and movies through the Internet, an opportunity that has been delayed by studios’ concerns about piracy of their content.”

Following the introduction of the new iPod and a day after reporting record fourth-quarter revenue, shares of Apple fell 4.5 percent to $49.25 and were “the biggest drag on the Nasdaq,” according to Reuters.