Apple has released QuickTime 5.0.2 for US-English users.

This update is available for download using the QuickTime Updater application installed within QuickTime, or for direct download from Apple's Web site.

QuickTime is Apple's multimedia software architecture for creating, playing and streaming digital media for Mac OS and Windows. The standard has been losing market share recently - mainly to Real Networks RealPlayer formats. Within the industry, some speculation exists suggesting Apple could expand the product's user base by spinning the QuickTime division off as a standalone company.

This version offers the improved Sorenson Video 3 Codec. This codec was not completed in time to be included in QuickTime 5.0. Other features of the updated version have not been announced.

QuickTime 5 features a new Component Downloader, for adding plug-ins and updates. It supports numerous codecs and file formats, including Macromedia Flash 4, MPEG-1 and On2. It also offers 360-degree cubic virtual reality.