iMovie is moving out… going to the cloud

According to ComputerWorld’s sources, Apple is ready to update iMovie and move it to the cloud. Here’s what Seth Weintraub had to say:

I’ve heard from reliable sources that Apple will offer a significant update to iMovie at next week’s Macworld. It will largely focus on Internet video in the Cloud for the YouTube generation.

This juicy little rumor is just in time for Macworld Expo. This feature could be helpful for some movies, especially for those whose end destination is YouTube. Plus, you have the added benefit of not having to store those movie files on your computer. Files uploaded to Apple’s service would be viewable on an iPhone or iPod Touch.