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Apple: iTunes 11 Revealed (PHOTOS) (VIDEO)

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Apple has unveiled iTunes 11, a revamp of its media player, manager and store.

The new release is timed to match the announcement of the new iPhone 5, as well as news iPods and iOS 6 features.

iTunes 11 is described as a dramatic redesign of its flagship App, putting the focus on its iTunes in the Cloud service.

It removes the sidebar-based layout which has been a feature of the application for more than a decade.

Features include improved playlist creation and management, a new layout for albums and artwork.

The iTunes stores for iPhone and iPad were also totally redesigned, and include better search performance and previews that play in the background while you're browsing for new albums, songs and movies.

Apple CEO Tim Cook made the announcement at the company's hugely-anticipated keynote in San Francisco, California.

The iPhone 5 Launch
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Demand for the new iPhone is expected to be huge, with search data before the event revealing a massive pent-up demand for a new iPhone.

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Every new generation of the iPhone has sold more units than all the previous generations combined, and investors' hopes are high that the new model can come close to replicating that success.

Meanwhile iPod sales have dipped, reflecting a move towards fuller-featured mobile devices.

The new iPhone comes after a week of announcements by top mobile phone manufacturers looking to steal the limelight.

Nokia's recently announced Lumia 920 has won plaudits for industrial design and its ground-breaking camera, while Motorola and Samsung have also unveiled new devices in recent weeks.