06/08/2010 05:12 am ET Updated Dec 06, 2017

New iPhone OS 4 VIDEO: WATCH iPhone's Multitasking In Action

Earlier today, Apple offered a sneak peek at the next generation of iPhone software: iPhone OS 4.0.

The Associated Press reports:

Apple Inc.'s iPhone and iPad devices will soon be able to run more than one program at a time, an ability that phones from Apple's rivals already offer and that iPhone owners have long sought.

The changes, coming this summer to iPhones and this fall to iPads, mean that users might be able to listen to music through the Pandora program and check a bank account online simultaneously. Currently, users must return to Apple's home screen, effectively quitting the open program, before starting a new task.

"We weren't the first to this party, but we're going to be the best," Apple CEO Steve Jobs declared Thursday, as bloggers, software developers and others in the audience greeted the news of such "multitasking" with applause.

Shortly after Apple's announcement, a YouTube user posted a video that purports to offer a first glance at multitasking on the iPhone. Check it out below, then get a complete rundown of the new features that will available on iPhone OS 4.0.