11:05 AM -- Today at 10:00 a.m. PDT, Apple is holding an event in San Francisco that reportedly centers around big music-related announcements.

According to a report from The Wall Street Journal, Apple will likely unveil updates to its iPod lineup, possibly including:

• An iPod Touch that features cameras and FaceTime video conferencing
• A small, square-shaped iPod Nano with a touchscreen
  
  

Some analysts are also speculating that Apple could introduce the eagerly awaited Internet-based version of iTunes, although some think this is unlikely as Apple still doesn't have the licenses that would be needed for this. The updates to iTunes could include more minor changes -- such as extended song previews.

Other announcements to look out for:

• In addition to the music announcement, Apple is also expected to announce that Fox and ABC have signed on to rent out their TV shows for 99 cents on iTunes, a move that has been rumored to be in the works for the past several months.
  
  
• Apple will also probably unveil its upcoming $99 Apple TV set-top -- rumored to be called iTV. According to a recent report from Bloomberg, this set-top will feature programming from Netflix.
  
  

For the first time in quite a while, Apple will be broadcasting the event live -- but, interestingly, only on Apple devices.

— Erin Barker, Digital Content Reporter, Light Reading Cable