Noting Apple’s announcement last week of selling over two million songs in the first weeks of the iTunes store, Rolling Stone’s Warren Cohen says the numbers are impressive, but “represent a small portion of the music industry’s US$11.5 billion annual revenue.” He reports, “At this pace, the labels stand to earn about $33.8 million from the iTunes Music Store this year, which lags behind the $45.4 million that vinyl records brought in last year. Even if Apple continues to sell a million downloads a week for the next year, revenues won’t match the collective projected take of subscription services such as Pressplay, MusicNet, Rhapsody and Musicmatch, according to technology-research firm GartnerG2.”
