iTunes Business Alone Now Bigger Than Many Multinational Companies
Apple's iTunes business is bigger than many realize. In fact, it's bigger than many well-known multinational corporations.
Asymco analyst Horace Dedium reports that iTunes is now responsible for raking in more revenue than such venerable corporate brands as Xerox, CBS, and even U.S. Steel.
The gross revenues for Apple's iTunes business are now roughly $7 billion per quarter. Annually, iTunes/Software/Services group had gross revenues of $23.5 billion (that's growth of 34% year-over-year). And these numbers are poised to balloon further, ad evidenced by Apple's most-recent record-breaking quarter of hardware sales.
"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)."