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article imageApple Announces 5 Billion Songs Served; 50,000 Movies Purchased or Rented Every Day

By Chris Hogg     Jun 19, 2008 in Business
Today, Apple announced a new milestone of five billion (yes billion with a "b") songs sold through its iTunes network. The company also said it's selling or renting 50,000 movies a day, indicating a huge increase in online media retail sales.
Digital Journal -- In a press release issued to media today, Apple announced it's sold more than five billion songs through its iTunes Store.
The company says it is No. 1 in the online music retailer scene, with more than eight million songs available in its music catalogue. Apple also boasts a library of more than 20,000 TV episodes and more than 2,000 movies.
In addition to music sales, Apple says customers are now renting movies at an alarming rate through its iTunes service, purchasing or renting more than 50,000 flicks every day. Apple says that also makes it the most popular online movie rental store. No doubt that somewhere in the world, Netflix and Blockbuster executives are dying of hunger because Apple is clearly eating their lunch.
As CNN Money reports, the rate at which Apple is growing is noteworthy:
It took Apple (AAPL) nearly three years to sell its first billion songs (Feb 23, 2006), ten months to sell its second billion (Jan. 6, 2007), seven months to sell its third (July 31, 2007) and fourth billion (Feb. 27, 2008), and only three and a half months to sell its fifth (June 19, 2008).
iTunes carries films from all movie studios (Warner Bros., Paramount, Universal, Disney, 20th Century Fox, Sony, MBM and Lionsgate) and Apple pushes content out to iPod, iPhone, Apple TV and iTunes users.
However, pricing varies country by country and some Canadians wonder why they pay more for downloadable content when the U.S. greenback and Loonie are almost on par. Good question.
Apple is obviously having a busy day with this news, as they could not be reached for comment at time of publication.
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