Apple iTunes Store Set New Record Of 25 Billion Songs Sold

Apple has just announced that its iTunes store has set a new sales record. The tech giant just launched iTunes 11 in late November, and at that point there had been 20 billion songs downloaded. That means 5 billion songs have been downloaded in less than three months.

Apple iTunes Store Set New Record Of 25 Billion Songs Sold

According to Apple Inc. (NASDAQ:AAPL)’s press statement, the 25 billionth song was “Monkey Drums” (GOKSEL Vancin Remix) by Chase Buch. The lucky buyer was Phillip Luke of Germany, who will receive an iTunes gift card worth €10,000.

Seth Klarman: Investors Can No Longer Rely On Mean Reversion

Volatility"For most of the last century," Seth Klarman noted in his second-quarter letter to Baupost's investors, "a reasonable approach to assessing a company's future prospects was to expect mean reversion." He went on to explain that fluctuations in business performance were largely cyclical, and investors could profit from this buying low and selling high. Also Read More

Eddy Cue, Apple Inc. (NASDAQ:AAPL)’s senior vice president of Internet Software and Services, said iTunes averages more than 15,000 songs downloaded per minute. “We are grateful to our users whose passion for music over the past 10 years has made iTunes the number one music retailer in the world,” said Cue.

The iTunes Dtore has more than 26 million songs in its catalog, which is available in 119 different countries. It carries a wide variety of artists, from popular bands and signers like Coldplay and Adele to newcomers like the Lumineers. Musicians appreciate the iTunes store because anyone can get their music up for sale there.

“Whether you’re unsigned, indie, major, whatever—it’s the place most people go to buy digital music,” said Wesley Schultz, guitarist and lead singer of The Lumineers. “iTunes doesn’t exclude any musicians simply because they’re not yet established or popular.”

The music sold on the iTunes Store is available in iTunes Plus format, which is Apple Inc. (NASDAQ:AAPL)’s DRM-free format. It’s downloaded in high quality kbps AAC encoding that Apple claims is “virtually indistinguishable from the original recordings.”