NEW YORK (TheStreet) -- Though the iPod has seen better days, Apple (AAPL) is looking to get perhaps one last boost of revenue from the landmark device before putting it on the shelf of transcendent products that have are no longer so transcendent.
Apple introduced a 16GB iPod Touch this week that comes in five different colors and features a new front-facing camera. This newest iPod model starts at $199. Apple is also selling a 32GB iPod Touch for $249, and 64GB model for $299. The company cut the prices of its iPod line with the 32GB and 64GB models being reduced by $50 each and the 16GB model being lowered by $30.
As the iPod line has aged and become less relevant in an age of smartphones and tablets, sales have slowed. In Apple's latest fiscal quarter, the company shipped just 2.7 million units. That's down from 6 million units in the fiscal first quarter, generating $973 million in sales, and 5.6 million units in the year ago quarter, in which it generated $962 million in iPod revenue.
By contrast, Apple generated $32.49 billion in revenue from the iPhone, $7.61 billion from the iPad, and $5.52 billion from the Mac in its fiscal second quarter.
Cupertino, Calif.-based Apple has publicly acknowledged that the iPod is a product that no longer generates the interest or revenue that it once did.
"Some people just look at the numbers on a piece of paper, but the way I'd look at the business is our business from a sell through point of view less iPod, because I think all of us have known for some time that iPod is a declining business," said CEO Timothy D. Cook on the Jan. 27, 2014 earnings call.