Apple iTunes: Changing the Face of Online Music Retailing Industry |
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"The iTunes Music Store is changing the way people buy music." 1 - Steve Jobs, Apple's CEO, in June 2003. "The iTunes Music Store has defined what it means for people to have music instantly - and legally - at their fingertips." 2 - Doug Morris, CEO, Universal Music Group, June 24, 2003. IntroductionIn June 2003, Apple Computer Inc (Apple)3 announced that its Internet-based music selling initiative, the iTunes Music Store (iTunes), had sold more than three million songs in the first month of its launch. This figure, far beyond even the company's expectations, took the music retailing industry by surprise.
Apart from being simple to use, iTunes reportedly offered good quality music downloads as compared to the other music download services available on the Internet. More significantly, iTunes had emerged as a legal alternative to downloading music using file swapping services like Kazaa, Morpheus and the erstwhile Napster.
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1] 'Apple Touts iTunes Success,' www.pcworld.com, June 24, 2003. |
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