Apple on Thursday quietly launched its cheapest iPod touch yet, a revised 16GB model priced at just $199 (down from $229). The portable media player also gets a 5-megapixel iSight camera, a wrist strap and an array of color options to choose from.

Up to this point, the entry-level iPod touch was only available in one color: space grey. Now, buyers can pick up a touch in space grey, black, pink, yellow, blue and red.

Price cuts aren't limited to the entry-level touch, however, as both the 32GB and 64GB models are also now a bit cheaper to own. The former will now set you back $249 (previously $299) while the larger 64GB model can now be had for $299, a full $100 cheaper than the previous asking price.

All iPod touch models include a 4-inch Retina display, Apple's A5 processor, a front-facing FaceTime HD camera and come with iOS 7 pre-installed. Each unit also comes with Apple's EarPods, a $30 value when sold separately.

Apple rose to prominence on the success of its iPod business during the previous decade but that ship has clearly sailed as smartphones have cannibalized sales of MP3 players. During the most recent quarter, the Cupertino-based company sold 2.7 million iPods in route to $461 million in revenue.

As CEO Tim Cook noted during an earnings call back in January, they've known for some time that iPod is a declining business.