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iTunes – 10 Years After

04/29/2013

268089-itunes

Ten years ago when Steve Jobs and Apple introduced the iTunes music store it was seen as a solution to a bigger problem in the recording industry. Piracy. In the ashes of Napster, iTunes appeared to be a way for artists, studios and, most importantly, consumers to benefit from the music.

Instead iTunes became much more than a solution to a problem. It changed how we consume music and access entertainment.

iTunes is not only the largest music retailer, it also dominates the digital video market (iTunes sells 67% of the TV show sale market and 65% of the movie sale market) according to the research group NPD.

Apps on iTunes are the most profitable. Books and magazines are growing. iTunes is available in 119 countries.

Last week, when Apple posted quarterly revenue of $43.6 billion and quarterly net profit of $9.5 billion hidden in the numbers were sales for the iTunes store. A record $2.4 billion. That’s a terrific top line for any business – IN AN ENTIRE YEAR!.

Apple is clicking along while pundits predict its post-Jobs apocalypse.

At Thought-Tech we don’t see it that way. We look to the horizon and know that Apple TV is coming. And when it does it will change how we consume and access entertainment – again.

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