iTunes Doesn’t Make Any Money

By Deane Barker on November 7, 2003

Your 99c belong to the RIAA – Steve Jobs: Huh, go figure. I’m surprised by this because I understand that there’s no iPod download for Windows. Given this, how is iTunes for Windows supposed to help them sell iPods?

“At an Apple financial analyst conference on Wednesday CEO Steve Jobs admitted that Apple makes no revenue from the online download service, the iTunes Music Store, that he launched in April. As iTMS is the leading download service, with 80 per cent market share (or so Jobs claimed), where’s your 99 cents per song going?

[…]almost all the cash is flowing back to the copyright holders. Who, when you last looked, were a dinosaur oligopoly of five record labels, desperately seeking a way to preserve their copyright cartel into a new century. They were down, and they were out: but Steve Jobs rode to their rescue. “