The popular video streaming app for iPhone; Air Video, has recently received a major update that brings support for multitasking and the Retina display. The new version (2.4.0) is available now in iTunes, so if you’re an iPhone 4 owner, be sure to update as soon as you get a chance!

Additional improvements made in the update include the ability to change file order in-app, and custom folders for converted videos. However, this update is essentially geared towards iPhone 4 owners. The features added are most definitely worth getting excited about if you’re lucky enough to own Apple’s latest handset. Multitasking makes interacting with apps so much easier, and the Retina display is just beautiful.

Both the paid and free versions of Air Video have received the same features in the app’s latest update, which is great.

If you’re not already familiar with Air Video, then be sure to check out our review, and discover why Air Video deserves a place on your iDevice. As mentioned, potential customers can try before they buy with the free version of Air Video. And, what’s more – it’s a universal app. This means you can enjoy Air Video natively on your iPad for no extra charge.

So, if you don’t already have Air Video installed on your iDevice, check out the free version or read our review. And, don’t forget – you’ll need the desktop software (which is free) on your computer in order for the service to work. Alternatively, if you’re already an Air Video fan, be sure to download the app’s latest update which is available in iTunes now!