Apple has launched a social network as part of its iTunes software. Ping, as it is known, allows users to build networks of friends and musicians, in a similar way to services such as Twitter. The service can also build playlists based on what members of those networks are listening to. "It's a social network all about music," said Mr Jobs, launching the application at an event in San Francisco. "We think this will be really popular very fast because 160 million people can switch it on today," he said. The service will be accessible through iTunes software on Macs and PCs as well as through the iTunes application on iPhones and the iPod Touch. Analysts at research firm CCS insight said it represented an "ambitious move" that would present a challenge to "ailing MySpace and other social networks". Mr Jobs also used the event to introduce an updated version of its Apple TV, which can be plugged into a television set and used to stream movies and TV shows from iTunes. The original product has been around since 2007, but has never been a success for Apple. Mr Jobs has in the past described it as a "hobby". "We've sold a lot of them, but it's never been a huge hit," he said. The new version will only allow people to rent content rather than buy it. All shows and movies will be high-definition. Initially, it will only offer TV shows from two studios: Fox and ABC. "We think the rest of the studios will see the light and get on board pretty fast with us," said Mr Jobs. It would offer the "largest online library of movies to rent in the world", he added. The box will also allow US users to stream films from rental services such as Netflix and access online services such as Flickr and YouTube. It will also stream video from other devices, such as the iPad. Although the box will be available in seven countries at launch, TV show rentals and Netflix connectivity will only be available in the US. CCS Insight described it as an "attractive convergence device for 'Apple households'." Credit: BBC