A key announcement from the company's Fall 2010 event today raises the competition in the social music arena.

Amidst announcements ranging from the launch of a new and improved version of iOS, to iTV and a new Nano, Apple today premiered Ping, a social media site for music available within the latest iTunes update.

Ping will be built into iTunes and available on a computer, iPhone and iPod Touch. Much like Facebook and MySpace, you will be able to show and track the concerts you plan to attend, post songs to your or friend’s feeds, follow artists and the content they post, and write and comment on posts. Privacy features will allow you to be as private or public as desired.

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