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It’s been a rumor for a few weeks, but not it’s official!
Youtube as been integrated in the iPhone!

iPhone has a special YouTube player that you can launch
right from the home screen. So now you can access and browse YouTube videos
wherever you go. And when you find a video you want to send your friends,
iPhone can even create an email with the link in it for you.

To achieve higher video quality and longer battery life on mobile devices, YouTube has begun encoding their videos in the advanced H.264 format, and iPhone will be the first mobile device to use the H.264-encoded videos. Over 10,000 videos will be available on June 29,and YouTube will be adding more each week until their full catalog of videos is available in the H.264 format this fall.

The iPhone will wirelessly stream YouTube’s content to iPhone over Wi-Fi or EDGE networks.

We just found the missing home screen application we were looking for.

This is cool and it’s one more thing to be excited about!

Picture of the Youtube player after the jump.

via Apple and press release