Adobe takes on iTunes with new media player [VIDEO UPDATE]

Adobe is getting into the online music store and jukebox business. Can they topple the mighty iTunes?

[Note: This post has been updated with a video taken from today's keynote from the Web 2.0 Expo, to see it click the 'read more' link at the bottom of the post]

Today Adobe announced their new Media Player, a multi-platform, online-enabled application that runs on Adobe's Apollo framework. Along with a full featured desktop media player for Flash files, Adobe plans on including a themed online music store like Microsoft's XBOX Live Marketplace where people can purchase music and movies.

Adobe Media Player will join the bevy of online music and media stores like iTunes, Napster, Urge, Rhapsodyand others. Like the competition, Adobe is using DRM, both for downloads and streaming media to secure purchased content.

There's no word when the service will be available, but expect details and partnerships to emerge as Apollo develops.

From their keynote presentation today, we also got a sneak peak of Buzznote, a collaborative word processor that runs off the Apollo framework.

Our early hands-on with Apollo can be found here. And to see a video of the app in action, keep reading.

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