At Worldwide Developers Conference 2013, Apple said that iTunes music store now touts more than 575 million users. Asymco’s Horace Dediu believes that Apple adds roughly 500,000 or half a million new iTunes accounts every single day. It is believed that by the end of this year Apple may very well add an additional 100 million new iTunes accounts.

iTunes initially started out as a software through which users could manage the music on their iPods. Now it is a one stop solution for all kinds of content. There’s apps, music, movies, TV shows, podcasts etc. It is undeniably one of the major sources of revenue for the company. Horace believes that despite the fact that user adoption numbers have gone up, spending per account has gone down in the past few years. According to his estimates, a single iTunes account right now generates half of the revenue that each of Apple’s 100 million iTunes account did back in 2009. However that doesn’t mean Apple is losing out on revenue, the heavy growth in new users is making up for the decline in revenue generated per account, according to this analyst.

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