By AppleInsider Staff

Published: 07:45 AM EST (04:45 AM PST)

Coinciding with the official debut of the new iPhone 4, Apple released its new mobile iMovie application, exclusively for its new handset, onto the App Store.

The $4.99 application weighs in at 30.6MB and requires a new iPhone 4 running iOS 4. Early reviews have been positive, with most purchasers giving the application five stars.

"Make beautiful HD movies anywhere with iMovie, the fun, feature-rich video editing application for iPhone 4," Apple said. "Create a video postcard of your day at the beach and publish it to the web -- without ever leaving your spot in the sand. Or make a movie if your child's birthday party and send it to your parents -- while the party is in full swing. With iMovie for iPhone, you can start several projects and finish them whenever you want and wherever you want."

Apple introduced iMovie earlier this month, when it debuted the iPhone 4 with its new 720p-capable HD video camera. The software takes advantage of the 5 megapixel lens in the iPhone 4, which is capable of recording high definition video at 30 frames per second.

Though iMovie for iPhone requires the faster A4 processor found in the iPhone, the application will not work on the iPad, which runs the same processor -- though half the RAM.



The company also highlighted the following features in its new application:

Made for Multi-Touch.

• Tap to add or record video right into your project.
  
• Drag to trim the lengths of video clips and photos.
  
• Pinch to zoom the timeline and get a closer look.
  
• Slide to scrub through the video in your project.

Give it a theme.

• Choose from a selection of themes including Modern, Bright, Travel, Playful and News.
  
• Each theme includes a matching set of titles and transitions -- plus its own soundtrack.
  
• Instantly change themes or swap themed elements in your project.
  
• Titles and graphics automatically update with location data from your video.

Add music and photos.

• Select from included music that matches each iMovie theme, or select from your own song library.
  
• Enable ducking to automatically lower the volume of background music and highlight audio from video clips.
  
• Add photos from your own library, or take a picture and drop it into your project.
  
• Customize each photo with a unique "Ken Burns" panning effect.

Share your movie.

• Export your movie in one of three sizes: Medium, Large, or HD.
  
• Share your movie on the web in a MobileMe gallery or on YouTube.
  
• Send your movie to friends and family in an email or via an MMS message.
  
• Easily sync your movie back to your computer.