Cupertino, Calif. - Apple (NASD: AAPL) on Tuesday introduced a new 2GB model of its tiny iPod shuffle portable music player, and reduced its standard 1GB model in price to just $49.

The new, higher capacity model, with room for up to 40,000 songs, will ship later this month and sell for $69.

"At just $49, the iPod shuffle is the most affordable iPod ever," said Greg Joswiak, Apple's vice president of worldwide iPod product marketing. "The new 2GB model lets music lovers bring even more songs everywhere they go in the impossibly small iPod shuffle."

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