The app launched last June on the iPad and for the iPhone in November.
Mix and scratch your favorite music videos from iTunes or combine songs from your music library with personal video footage into an interactive audio visual experience. Or use your iPad's built-in camera to create your very own music video live. vjay lets you get creative with your content, display directly to a TV, stream wirelessly via Apple TV, or record your performances live to share on your favorite social channels.In addition to the change in price, the latest software update for Vjay added a couple new features including 'Key-Lock' that allows users to change the tempo of audio and video without affecting pitch. However, Key-Lock only works on the iPad 4 and the iPhone 5.
Update: Vjay is Apple's 'Free App of the Week'.
Vjay is currently a free download for the iPad and iPhone from the App Store. [Direct Links: iPhone, iPad]