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Is Microsoft’s Zune so far behind the iPod it borders on being irrelevant? Can it be dressed up and given another shot, or should it simply be shot?

Look for Microsoft to try and inject new life into the moribund Zune with original and exclusive video content.

What does this look like? Here’s how Richard Winn, Zune’s Director of Entertainment Development puts it…

“What we would be looking to do with any form of original content is the added component that Zune could provide that iTunes or any competing service couldn’t.”

How much catching up does the Zune have to pull off? Since its debut in November, 2006, 2 million Zunes have been sold. By comparison, Apple sells 3.5 million iPods a month.