In a recent analysis, Asymco has calculated that the iTunes store as a standalone company, would be in the Fortune 500 list of top U.S. companies at number 130. Apple revealed that the iTunes store had gross annual revenue year-over-year of $23.5B. This would put it between Alcoa and Eli Lilly in the Fortune 500 rankings.
Growth was driven by increases in revenue from App sales reflecting continued growth in the installed base of iOS devices and the expansion in the number of third-party iOS Apps available. Net sales of digital content, including music, movies, TV shows and books, from the iTunes Store was relatively flat in the first quarter of 2014 compared to the first quarter of 2013.