On a yearly basis iTunes/Software/Services is nearly half of Google’s core business and growing slightly faster.
The iTunes “empire” of content and services would be ranked as number 130 in the Fortune 500 ranking of companies (slightly below Alcoa and above Eli Lilly).
With $23.5B in revenue and a y/y growth rate of 34%, Apple’s iTunes division is one area where Tim Cook could point the analysts looking for growth. Asymco’s Horace Dediu does a fine job demonstrating what a revenue maker Apple’s iTunes/Software/Services division is by making it relative to Google’s core search business, but the reason why it likely won’t get a lot of focus: margins.
@asymco: @danielsparks Apple stated early on that all its iTunes stores run at break-even. They haven’t said that in a while. Still likely margin low