Apple has released a new version of the iPod touch that runs on the same chip that powers the iPhone 7.

It marks the first time Apple has released a new iPod touch since 2015.

The new music player starts at $200, making it the least expensive iOS device in Apple's lineup.

Visit Business Insider's homepage for more stories.

Apple on Tuesday released a new version of the iPod touch that runs on the company's A10 Fusion processor, the same chip that powers iPhone 7. The new music player starts at $200, making it the least expensive iOS device Apple currently sells, and is available to purchase starting Tuesday.

The new chip should enable the new iPod touch to perform twice as fast as its predecessor, Apple said in a press release. It also makes it possible for the iPod touch to run augmented reality apps and group FaceTime calls, similar to Apple's modern iPhones. The iPod touch is available in 32 GB, 128 GB, and 256 GB and comes in space gray, white, gold, blue, and pink, as well as Product Red color options.

The launch marks the first time Apple has released a new iPod since 2015, when it unveiled an iPod touch that ran on Apple's older A8 processor. The company is positioning the new iPod touch as being a more affordable iOS device that's ideal for gaming and media consumption, as iPhones have become increasingly expensive in recent years.

Launching a new, less-expensive iOS device makes sense for Apple as it prepares to launch new subscription gaming and TV services later this year, thus giving the company another means by which to get these new services in front of new customers.

The announcement comes just before Apple is planning to hold its annual Worldwide Developers Conference on June 3, where it will presumably unveil the next version of its software for iPhone, iPad, Mac, Apple Watch, and Apple TV products.