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Avid has launched a new video editing iPad app, which it hopes will give Apple’s iMovie a run for its money, and is Avid’s first prosumer video editing app for the iPad.

Avid Studio for the iPad enables you to quickly arrange your clips in the Storyboard, make precision edits using the Timeline, and add high-quality transitions, effects, and soundtracks to your movie footage.

The Avid Studio app combines a storyboard and timeline interface, where users can arrange clips in the storyboard, then use the timeline for precise cuts. It also offers touch controls not found in the desktop, like the ability to resize and rotate titles with a gesture.

Avid Studio is available now on iTunes app store for (a mere) US$ 3.99