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Technology Stocks : Investing in Exponential Growth

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From: Paul H. Christiansen	8/2/2016 5:28:40 PM
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How Apple’s latest earnings reveal the quiet genius of iTunes In the past, I've been open about not being a great fan of iTunes, Apple’s once-revolutionary music software. I’m speaking somewhat hyperbolically, but I think iTunes has morphed into a multimedia management nightmare -- with a disjointed style and complicated menus that try to "organize" my media in ways I never wanted to. But while the program occasionally makes me long for the days of my well-ordered CD collection, I have some newfound respect for its purpose and what it accomplishes for Apple. [ Why Apple and Google are struggling to design simple software] After Apple’s earnings report last week, there’s little denying that, in iTunes, Apple has an amazing golden goose. Apple reported that the "services" sector -- known to most people as "Things iTunes controls" -- made just under $6 billion in the last quarter and grew 19 percent from the same time last year. And services has made Apple a whopping $23 billion so far this year. That's pretty impressive. Furthermore, chief executive Tim Cook has said that the company projects that its services sector will earn as much money as a Fortune 100 company by the end of 2017. That sounds like a bold claim -- but Northwestern Mutual, at #100, pulls in $28 billion in annual revenue. And if one thinks about iTunes and the businesses the services sector has managed to disrupt, it’s actually a fairly believable claim. There’s a reason that iTunes has become a sprawling behemoth of a program. It’s because it’s competing with so many businesses. It’s music, sure, but it’s also movies and software (in the form of apps) as well as iCloud. washingtonpost.com

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