Apple raked in $3.4 billion for the music industry

iTunes Music

As you may have heard earlier this week, the music industry actually grew in the past year for the first time since 1999. Of the $16.5 billion of revenue that was brought in by the music industry, digital downloads accounted for over $5.5 billion of the revenue, and iTunes downloads alone accounted for almost $3.5 billion.

While it comes as no surprise that Apple’s iTunes music downloads are wildly popular, it is surprising that iTunes downloads account for over 20% of music revenues for the industry. This money paid by Apple to the labels is the publisher payment fee for the Cupertino company, and the $3.4 billion paid accounts for 22% of all iTunes revenue.

With the growth of iTunes, it will be no surprise to see this number rise even further in the future. So, did you download music in the past year from iTunes, or do you prefer to get music in a different way? Leave a comment and let us know!

Source: Apple Insider

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  • shadesofsolveig

    @dekebridges Thanks for the RT! :)

  • dekebridges

    @shadesofsolveig TY for the share to read.