The new N95 comes in a sleek black design and contains 8GB of built-in memory, which will allow users to store up to 6000 songs or around 20 hours of video.
The handset, which has an estimated retail price of 560 euros, also supports the new Nokia Music Store and N-Gage Games services.
The new model also boasts a 2.8 inch luminous screen and contains all the key features of its predecessor, including a 5 megapixel camera with Carl Zeiss optics, WLAN, HSDPA and a two-way slide.
Nokia vice president of multimedia Jonas Geust said: "We’ve reached a pinnacle with the Nokia N95 and now with the addition of one of the largest ever displays, built-in Assisted-GPS and improved battery power, the Nokia N95 8GB takes entertainment enjoyment to another level."
Nokia has also revealed that it has partnered with Sony Pictures Entertainment (SPE) to offer a pre-loaded full-length version of Spider-Man 3 on all 8GB N95’s sold in Europe and selected countries in the Middle East and Africa region.
The deal will also see SPE provide a unique Spider-Man 3 message, ring tone, wallpaper and screen saver on the new handset.
Nokia senior vice president of multimedia experiences lkka Raiskinen said: "The Nokia N95 8GB opens up a wealth of exciting options for film fans as they can now watch world-class movies like Spider-Man(TM) 3 whenever they want, wherever they want.
“Pre-loading a film with such fantastic special effects truly shows off the device’s advanced capabilities. With its ground-breaking features, users can now fully appreciate the meaning of entertainment on-the-go."