iTunes as a standalone business would be ranked 130 in the Fortune 500

itunes-growth

Asymco has calculated that if iTunes were a standalone business, it would be ranked 130 in the Fortune 500 list of top U.S. companies after its gross annual revenue grew 34 percent year-on-year to $23.5B. This would put it between Alcoa and Eli Lilly in the rankings, and is almost half of Google’s core search business – not bad for what was originally intended to be a break-even operation

Growth was driven by increases in revenue from App sales reflecting continued growth in the installed base of iOS devices and the expansion in the number of third-party iOS Apps available. Net sales of digital content, including music, movies, TV shows and books, from the iTunes Store was relatively flat in the first quarter of 2014 compared to the first quarter of 2013.

Asymco also calculated the cost to Apple of making both the Mavericks update and iWork software free …  Read more