Tim Cook, CEO of Apple Inc. (NASDAQ:AAPL) has announced that iTune has created a new milestone for iTune accounts, which is 575 million.

Apple iTunes U

Horace Dediu, a senior analyst at Asymco, said that the new milestone announced by Tim Cook reflects that, on a per day basis, Apple Inc. (NASDAQ:AAPL) is adding around a half million accounts on average.

Deidiu, while making his analysis and calculating current growth rate, took into account the 2009 milestone announced by Apple Inc. (NASDAQ:AAPL). He said that if  accounts continue to come in to iTune at this momentum then it will add another 100 million accounts towards the end of this year.

Analyst’s Take on Apple’s iTunes

According to an analyst at Morgan Stanley (NYSE:MS), the iTunes accounts, which have reached half a billion, are a new potential segment that can bring out new growth. He said that in terms of number of accounts Apple Inc. (NASDAQ:AAPL) is only behind Facebook Inc (NASDAQ:FB)’s one billion accounts. The iTune segment of Apple is contributing more to revenue compared to massive online retailer Amazon.com, Inc. (NASDAQ:AMZN).

As per the report, the speed at which the iTune users are increasing is more than the competitors’. The accounts added are contributing the highest free cash flow per account. Other services of Apple like iTunes Radio, which has recently been announced, has 300 million users, which is pretty impressive.

Market Share in U.S. Digital Music Market

Data released by NPD Group in April, ranked Apple Inc. (NASDAQ:AAPL)’s iTune in the top spot with a 63 percent share of the U.S. digital music market.  iTune’s share was triple that of Amazon, which was in second place with a 22 percent market share. In video downloads, the company has a 67 percent share of TV shows and 65 percent of movies.

The second position was jointly ruled by Amazon and Microsoft Corporation (NASDAQ:MSFT)’s Xbox for movies, which garnered a 10 percent share. Both of them jointly had 22 percent of the TV download market. Digital media like Google Inc (NASDAQ:GOOG) Play were not in the top 80 percent of any segment.

Apple’s iTunes Revenue

For the latest quarter, revenue generated from iTune was $2.4 billion, which is the highest to now and growing with great momentum. For the second quarter of 2013 total offerings by iTune came in at 35 million songs in 119 countries, 60,000 movies in 109 countries and 1.7 million iBook titles.