Apple Computer, Inc. today introduced an updated version of its popular iTunes music software to version 4.9 with integrated Podcasting functionality. Furthermore, Apple said it would also update its new high-end iPod portable audio players with color screens.

Apple said iTunes 4.9 would support Podcasting and will be well integrated with both iTunes as well as the iPod. Podcasting is a concept of recording shows in an audio file format and making it available to others as a downloadable file via the Internet. The company would let users subscribe to approximately 3,000 podcasts with automated delivery of the newer files.

Last month, Steve Jobs, company’s co-founder and CEO, said Apple would soon support Podcasting.

In addition to updating iTunes to a newer version, Apple also confirmed that it would merge two of its high-end iPod product lines and combine them into a single one with Photo viewing capability. The 20GB model will retail for $299 while the 60GB would cost $399.

Apple hopes to become the media hub of digital audio entertainment by constantly updating its iTunes and iPod music combos.