The revolutionary iTunes Store,
introduced by Apple Inc. (AAPL) in April 2003, commercialized digital
music like never before. It took only five years for the store to become
the largest music vendor in the US, and another two years for the
service to become the largest music vendor in the world. Its success
marked a significant shift in consumer preferences in terms of content
consumption, and redefined how users interacted with digital content.
One of the reasons for the phenomenal
success of iTunes was its a la carte pricing plan, which allowed
consumers to purchase individual songs at a flat rate without having to
pay a subscription fee. For the first time, users had the option of
paying only for the music they wanted to listen to, instead of having to
purchase entire music records for the sake of one or two hit songs.
But that simply isn’t good enough anymore. Read more.
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