Apple Announces Ping for iTunes

Today Apple (AAPL) announced its newest update for iTunes: Ping. Previous rumors circulating about iTunes moving into social networking territory were proven true as the new service will allow users to view their friends' recent activity through the iTunes store. It will also create custom song and album charts derived from your musical preferences, giving you access to new artists and sounds you may have otherwise missed through the fodder. The object of Ping is to communicate with other users and draw people together – a “social music discovery” in the words of Steve Jobs today. The service is now open and available to over 160 million users in 23 different countries