According to an eye-opening new report from respected Asymco analyst Horace Dedium, Apple’s iTunes business has become a juggernaut revenue force to be reconed with in its own right.
In fact, Apple’s digital content haven may be bigger than you’re aware of, especially when compared to the revenue generated by some of the world’s leading brands and corporations.
Dedium asserts that iTunes is now responsible for more revenue than the likes of Xerox, CBS, and U.S. Steel. All told, the gross revenues for Apple’s iTunes business are now close to $7 billion per quarter.
On an annual basis, iTunes/Software/Services group had gross revenues of $23.5 billion (34% growth year-over-year).
“On a yearly basis iTunes/Software/Services is nearly half of Google’s core business and growing slightly faster,” Dedium reports. “The iTunes “empire” of content and services would be ranked as number 130 in the Fortune 500 ranking of companies (slightly below Alcoa and above Eli Lilly).”