From CNET: iTunes music sales took dip over the past 12 months, according to Apple's latest regulatory filing.
In an 88-page annual report, filed Monday with the Securities and Exchange Commission, Apple said the iTunes Store overall raked in more revenue in fiscal year 2014 -- which ended September 27 -- than in fiscal year 2013, but that music sales have fallen.
"The iTunes Store generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013," Apple said. "Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases. This was partially offset by a decline in sales of digital music."
Apple didn't reveal specifics on how much digital music sales have declined. But on Friday, the Wall Street Journal cited "people familiar with the matter" who said that music sales at the iTunes Store have dropped 13 to 14 percent since Janaury 1. The Journal pinned the blame on growing competition from cheap music, such as free videos and $10-per-month unlimited subscription plans.
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