Apple's iMovie for iPad has some serious competition this morning, with video editing heavyweight Avid releasing Avid Studio for iPad. The new app, which comes in at under five bucks [iTunes link], brings video manipulation tools from Avid's pro range of software to the iOS slate, accessing media stored on the iPad itself or imported via Apple's Camera Connection Kit, and allowing clips to be combined using 3D animations, transitions, titles and soundtracks.
Video and stills can be shot directly within the app itself, and browsed by album, event or face. There's storyboarding support, a "Precision Trimmer" tool and on-the-fly cutting, as well as various fades and dissolves along with picture-in-picture support. Full title, subtitle and credits can be created.
As for audio, Avid supplies some clips or you can import tracks from your own collection, with basic editing controls too. When you're done, the end result can be pushed directly to Facebook or YouTube, via email, or exported over to Avid Studio on the PC for further editing.
The Avid Studio for iPad app is available now, priced at $4.99.