The Register UK: iTunes is ‘not a money maker’

“‘Most of the money goes to the music companies,’ admitted Jobs.

‘We would like to break even/make a little bit of money but it’s not a money maker,’ he said, candidly.

So now we have it on record: the music store is a loss leader. Jobs said Apple would pay its dues to the RIAA, then seek to make money where it could, from its line of hardware accessories. When the conversation turned to rivals such as eTunes and Napster, Jobs said: ‘They don’t make iPods, so they don’t have a related business where they do [make money].’”

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