Part of Apple’s fall music event included an update to Apple’s iTunes.

Version 10 of their mighty music/app/book/movie ecosystem now includes a social networking feature – simply called Ping.

This feature within iTunes allows the user to follow their favourite artists. The other feature includes adding other friends on your social network and allows you view their music collection. It’s similar to sharing your ‘records’ with your friends in the good-lo-bad-lo days with one exception, you can’t record their collection. If you like a particular album in their collection, you need to hand over some cash over to Apple to purchase the album.

Ping is built into the iTunes software on the iPod Touch and iPhone to allow the user to be in constant touch with the iTunes social network.

Essentially it is a social networking feature that most Facebook and Twitter users are used to.

What can Ping bring to table in an already competitive social networking scene dominated by Facebook and Twitter?

Ping’s success would be highly dependent on how iTunes users take to this service. It does run the risk of becoming a somewhat superfluous service similar to MobileMe. Time will tell of its fate.