The long-awaited and highly anticipated Lumia 1020 has finally been unveiled by Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V). The company held a media event and issued a press release highlighting the device shortly after. There were a plethora of leaks leading up to today’s event.

Nokia Lumia 1020

Details On The Lumia 1020

The Finnish handset maker says the device has “a second generation 41 megapixel sensor.” It also “reinvents zoom, enabling people to discover more detail than the eye can see.” The Lumia 1020 also has Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s PureView technology and features a photography app referred to as Nokia Pro Camera. The company says the app will make it easy for anyone to take photos that are of professional quality. The app even allows the user to edit and share their photos and videos.

Nokia Lumia 1020 1

How The Lumia 1020 Works

Nokia said the Lumia 1020 uses a dual capture feature to take a high resolution 38 megapixel photo and also a 5 megapixel photo at the same time. The high resolution image can be used for making changes to the photo, while the smaller photo is easier to upload to social networks and / or text messages.

In addition to the 41-megapixel sensor, the device has ZEISS optics and six physical lenses. It also sports optical image stabilization and can record “blur free videos with stereo sound even at the loudest concerts.” The company said the device is able to handle sound pressure levels that are six times louder than “conventional smartphone microphones.”

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Other Bonuses For The Lumia 1010

In addition to the device itself, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is releasing an imaging software development kit which offers a number of important editing features to developers. The kit is available to developers right now at the Nokia developer portal. The company said “a number of developers” like Yelp, CNN and others are already integrating the features into their future app releases.

The company also unveiled the Nokia Camera Grip, an accessory for the Lumia 1020 which complements other features of the device and makes it more like stand-alone cameras, adding a tripod mount and mechanical shutter.

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Additional Features

Popular apps like the photo sharing app Vine, the social networking app Path and the social news magazine Flipboard will also be available on Windows phone very soon. Also updates to LiveSight will be coming to HERE Maps soon. Included with the Lumia 1020 is ad and subscription free Nokia Music.

Lumia 1020 Availability

The Nokia Lumia 1020 will arrive first on the AT&T, Inc. (NYSE:T) network in the U.S. Sales will begin July 26 for around $300 with a two-year contract. Next it goes to China and “key European markets” this quarter. An exclusive version of the device will be offered to Telefonica subscribers in certain European and Latin American markets. If you remember, Microsoft Corporation (NASDAQ:MSFT) recently announced a partnership with Telefonica in an effort to increase Windows Phone market share, so this is likely part of that partnership.

Tony Cripps, Principal device analyst at Ovum believes “The combination sets a new benchmark for high-end smartphone engineering – and a timely reminder of Nokia’s R&D capabilities – but the company must still overcome incumbent rivals, slow adoption of Windows Phone and a modest marketing budget if it is to finally help the company turn a financial corner after its recent time in the doldrums.”

Cripps continues:

 “At a time when macro-level innovation has seemed to be lacking in smartphones – due to the homogeneity of smartphone operating systems and the drive to appeal to the mass market – Nokia’s Lumia 1020 demonstrates that there is still considerable scope to drive forward the user experience in core smartphone capabilities. This is evidenced not only in the Lumia 1020’s imaging prowess but also in its audio abilities, the company’s Rich Recording technology similarly transforms the Lumia 1020’s audio recording.

“Both imaging and audio are key areas of investment for Nokia and crucial to its long-term strategy of rebuilding market differentiation. This is true not only at the high end, where the Lumia 1020 will be something of a beacon, but also further down the range as the fruits of Nokia’s labours begin to trickle down through the midrange towards the value end of the smartphone spectrum.

“The previous PureView 808 gave a tantalizing view of what was possible in terms of phone imaging but felt squandered in the context of its geriatric operating system and aesthetically compromised by a cumbersome – if impressive – camera module.

“The Lumia 1020 addresses both issues. While the new camera module contributes to a device that is noticeably thicker than the existing flagship, the Lumia 925, it is small enough to avoid the chunky and top-heavy design of its PureView 808 forebear. The PureView user experience is similarly upgraded through its integration with Microsoft’s elegant Windows Phone 8 platform, which itself benefits from a flagship device featuring category-leading imaging technology.

Supermodel must show its class not become a cheap date

“Nonetheless, while the Lumia 1020 looks to be the new belle at the smartphone ball, its debut will not necessarily attract a mass of suitors. Most obviously, the device will be expensive. Pricing has yet to be revealed but engineering of the kind on offer in the Lumia 1020 does not come cheap. Aggressive operator subsidies would no doubt help in that regard, but might detract from the device’s premium engineering and user experience.

“Furthermore, Nokia, and Windows Phone more generally, still suffers from a lack of consumer awareness and marketing dollars compared with their key rivals, Apple and Samsung-plus-Android. While this situation is undoubtedly improving, these factors continue to put off many prospective consumers due a greater chance of favorite applications being unavailable.

As such, when lined up against rival devices such as Apple’s iPhone 5 and Samsung’s Galaxy S4, which now effectively sell themselves, the case for selecting the Lumia 1020 is less clear cut.

Nokia may still have work to do to convince prospective buyers to sacrifice favourite apps for superior imaging. But for those who are less concerned about specific third-party apps or in need of something different, the Lumia 1020’s pictures provide a thousand reasons to look again to Espoo.”

The Lumia 1020 will be available in yellow, white and black.