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The Rise and Impact of iTunes Music Store: A Digital Music Revolution

Launched on April 28, 2003, the iTunes Music Store transformed the music industry by selling over 3 billion songs within a few years, capturing more than 80% of global online music sales. Its user-friendly interface allowed for rapid sales, with 275,000 downloads in the first 18 hours and 1 million in just five days. While it faced challenges like limited song availability and no physical product, its monopoly in digital entertainment, opportunities for co-branding, and customization features made it a formidable force. However, threats from competition and illegal downloading loomed large.

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The Rise and Impact of iTunes Music Store: A Digital Music Revolution

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Presentation Transcript

  1. iTunes Music Store

  2. Background • Debuted April 28th, 2003 • Sold 3 Billion Songs Between April 03 to July 07 • Accounted for more than 80% of the worldwide online music sales

  3. Background • First 18hrs Sold 275,000 • First 5 Days Sold 1,000,000 • Steve Jobs Announced An Unnamed Person Had Purchased $29,500 Worth of Music

  4. Strengths • “Monopoly” In Digital Entertainment • Captive Market • Easy To Navigate • Fast and Cheap

  5. Weakness • No Physical Product • Limited Number of Songs • Storage Space on a Hard Drive

  6. Oppurtunities • Co-Brand • Magazines and Periodicals • Personal Customization • Wallpapers • Animations

  7. Threats • Microsoft Zune • Illegal Music Downloading • The Potential Innovator • Amazon.com • Wal-Mart

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