Apple's iTunes Store does $1 million USD in sales its first week out

In just a week, Apple's iTunes Store sold $1 million USD worth of downloadable Disney movie content. The service, which was launched last Tuesday, provides an existing library of titles for $9.99 each with new releases going for $14.99. Apple also discounts new titles to $12.99 for those who pre-order the movies before they are released or download it within the first week of availability.

Disney was the first movie studio to offer its full backing in providing an initial 75 movies to Apple's iTunes Store. More than 125,000 Disney movies were downloaded during the first week including such hits as "Pirates of the Caribbean: The Curse of the Black Pearl" and "The Incredibles." "We are very, very bullish on consumption over electronically delivered media and we're taking a very optimistic view of technology as a friend, or a great enabler, and not a great predator," said Disney CEO Robert Iger. Iger went on to give his praise for Apple's Steve Jobs, "He has become, very quickly, not only a great sounding board but a great advisor, someone I can turn to readily for advice in a lot of these areas."

Although still priced on the high side for some, it looks as though Apple, while not the first in providing downloadable movies, may have a winner on its hands. Disney is definitely counting on the success of downloadable movies and expects to the iTunes Store to generate $50 million USD in sales by the end of 2006.

"A politician stumbles over himself... Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response." -- Joe Scarborough on John Stewart over Jim Cramer
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