Apple announced Tuesday the availability of Final Cut Pro X, the company's new version of its professional video editing software.

Apple today announced Final Cut Pro X, a revolutionary new version of the world’s most popular Pro video editing software which completely reinvents video editing with a Magnetic Timeline that lets you edit on a flexible, trackless canvas; Content Auto-Analysis that categorizes your content upon import by shot type, media and people; and background rendering that allows you to work without interruption. Built on a modern 64-bit architecture, Final Cut Pro X is available from the Mac App Store for $299.99.

Final Cut Pro X has all new features Magnetic Timeline, Content Auto-Analysis and more. The application is a 64-bit app built to be fast using multi-thread processing.

"Final Cut Pro X is the biggest advance in Pro video editing since the original Final Cut Pro," said Philip Schiller, Senior VP of Worldwide Product Marketing at Apple. "We have shown it to many of the world's best Pro editors, and their jaws have dropped."

Final Cut Pro X is now available in the Mac App Store for $299.99. In addition, companion audio editing and color correction applications Motion 5 and Compressor 4 are also now available for $49.99 each.