The iTunes Cash Cow

Apple has maintined that the iTunes store is not profitable or breaks even. They have let the electronics and music industry assume that they make thier cash on the sale of iPods. Of course, selling iPods is a very profitable business. But a new report by Andrew Hargreaves of Pacific Crest may shed some light into Apple's iTunes revenue stream. According to the report, Apple sees $0.10 of profit per $0.99 song. Not too shabby considering Apple is selling millions of songs a week.