Apple Sees $3.3 Billion in Music Revenues during 2008

In its annual 10K filing with the SEC, Apple Inc. cited what it called as "heightened consumer interest in downloading third-party digital content" as part of why music-related sales increased by some US$844 million (34%) to $3.34 billion during fiscal 2008, up from 2.5 billion in 2007.

The company said that it saw increased net sales from the iTunes Store in each of its geographic regions, and it cited an increase in the amount and types of content available at its own iTunes store as part of this growth.

Apple has become the largest seller of music in the U.S., passing Wal-mart as the #1 music vendor in April of 2008, and its music sales in 2008 represent more than 40% of the company's total revenues of $8.28 billion in 2004, a mere four years ago.

Music-related revenues do not include sales of the iPod or iPhone, both of which are accounted for separately in Apple's financial statements.