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.
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.
ValueWalk's Raul Panganiban interview with the founder of ValueWorks, Charles Lemonides. In this interview, we discuss the opportunities he is seeing in the market today. Q2 2021 hedge fund letters, conferences and more Interview with ValueWorks' Charles Lemonides ValueWalk's . . . SORRY! This content is exclusively for paying members. SIGN UP HERE If you 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.”